CardioComm Solutions to Close the First Tranche of Its Announced Private Placement and Confirms a Debt Financing Offering

About this update from Cardiocomm Solutions, Inc.

[{"type":"text","content":"CardioComm Solutions to Close the First Tranche of Its Announced Private Placement and Confirms a Debt Financing OfferingTORONTO, ON / ACCESSWIRE / December 21, 2016 / CardioComm Solutions, Inc. (TSX-V: EKG) (OTC PINK: EKGGF) (\"CardioComm Solutions\" or the \"Company\") today announced that the Company is:\n\n\n\n Conducting a non-brokered debt financing under which it intends to raise up to $600,000;\n Intending to close the first $500,000 tranche of its $650,000 private placement initiative announced December 17, 2016; and\n Intending to issue 1,150,687 shares to settle a debt to a professional service provider in the amount of $69,041.20.\n\n \nUnder the terms of the debt financing, the Company intends to borrow an aggregate of $600,000 from four lenders. The lenders will be paid interest at the rate of 10% per year, payable in quarterly installments, and will secure their loans against the Company's assets. As a bonus for the loans, the Company has offered the lenders common shares (the \"Shares\") that have a value of 20% of the loaned amounts. Accordingly, an aggregate of 2 million bonus shares will be issued to the lenders at a price of $0.06 per share. The aggregated loan may be retired without penalty at the Company's discretion at any time after December 31, 2017. The loan will be due to be retired December 31, 2018.\nUnder the first tranche of the private placement financing, the Company intends to issue 10,000,000 units at a price of $0.05 per unit for gross proceeds of $500,000. Each unit will consist of one share and one common share purchase warrant. Each warrant will be exercisable for one share at a price of $0.075 for a period of twenty-four months from the date of issuance. The Company may pay finders' fees in cash of up to 8% on some or all of the amounts raised under the first tranche. The Company may also issue finder's warrants equal to up to 8% of the number of units issued. Each finder's warrant will be exercisable for one share at a price of $0.075 for a period of twenty-four months from the date of issuance. \nIn connection with the equity financing, Etienne Grima, Chief Executive Officer of the Company, has agreed to sell an aggregate of up to 1,000,000 common shares from his personal shareholdings to a private investor at a price of $0.05 per share for proceeds of $50,000. Mr. Grima intends to use a...

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