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.
|
| Issue: | Private equity credit agreement
|
| Amount: | $15 million
|
| Tenor: | Three years
|
| Price: | 93% of the lowest closing bid price for the 10 trading days before a draw
|
| Warrants: | No
|
| Investor: | Southridge Partners II LLP
|
| Settlement date: | Nov. 23
|
| Stock symbol: | OTCBB: IMDS
|
| Stock price: | $0.02 at close Nov. 23
|
| Market capitalization: | $20.4 million
|
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