10% one-year unsecured promissory note will convert at $1.60 per share
By Devika Patel
Knoxville, Tenn., April 6 – Biotricity Inc. raised $275,000 in an initial tranche of a $1 million private placement of 10% unsecured convertible promissory notes on March 31, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The notes mature in one year and are convertible into stock at $1.60 per share when the company conducts an equity financing of at least $3 million. The conversion price reflects a 41.95% discount to the April 5 closing share price of $2.28.
The investors will receive 100% warrant coverage when the company conducts an equity financing of at least $3 million.
Proceeds will be used for working capital and general corporate purposes.
The Toronto company designs biometric monitoring solutions for medical, health care and consumer use.
Issuer: | Biotricity Inc.
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Issue: | Unsecured convertible promissory notes
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Amount: | $1 million
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Maturity: | One year
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Coupon: | 10%
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Conversion price: | $1.60
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Call: | Yes
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Warrants: | 100% coverage upon completion of a financing
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Settlement date: | March 31 (for $275,000)
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Stock symbol: | OTCBB: BTCY
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Stock price: | $2.28 at close April 5
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Market capitalization: | $57.75 million
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