By Devika Patel
Knoxville, Tenn., Nov. 25 - Imaging Diagnostic Systems, Inc. arranged a $15 million private equity credit agreement with Southridge Partners II LLP on Nov. 23, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The company took in $334,905 on Nov. 18.
Under the terms of the three-year agreement, Southridge may buy shares of Imaging at a price per share equal to 93% of the three lowest closing bid prices for the 10 trading days before a draw.
Based in Plantation, Fla., Imaging develops computed tomography laser breast imaging systems used to detect breast cancer.
Issuer: | Imaging Diagnostic Systems, Inc.
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Issue: | Private equity credit agreement
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Amount: | $15 million
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Tenor: | Three years
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Price: | 93% of the lowest closing bid price for the 10 trading days before a draw
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Warrants: | No
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Investor: | Southridge Partners II LLP
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Settlement date: | Nov. 23
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Stock symbol: | OTCBB: IMDS
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Stock price: | $0.02 at close Nov. 23
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Market capitalization: | $20.4 million
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