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UAHC Ventures, LLC reaches Settlement with MGT Capital Investments, Inc. (“MGTI”) to receive 7,001,817 shares of MGTI Common Stock
UAHC Ventures, LLC reaches Settlement with MGT Capital Investments, Inc. (“MGTI”) to receive 7,001,817 shares of MGTI Common Stock.
About this update from United American Healthcare Corp.
[{"type":"text","content":"\n\n CHICAGO, Dec. 28, 2017 (GLOBE NEWSWIRE) -- UAHC Ventures, LLC, a wholly-owned subsidiary of United American Healthcare Corporation (“UAHC Ventures”), executed a Settlement Agreement on December 7, 2017 (the “Settlement Agreement”) by and between UAHC Ventures and MGT Capital Investments, Inc. (OTC:MGTI) (“MGTI”) to resolve certain disputes that arose between UAHC Ventures and MGTI related to that certain Secured Convertible Promissory Note dated August 18, 2017 issued by MGTI to UAHC Ventures in the original principal amount of $2,410,000.00 (the “Note”) and that certain Warrant to Purchase Shares of Common Stock (the “Warrant”) purchased from MGTI by UAHC Ventures pursuant to that certain Securities Purchase Agreement dated August 18, 2017.\n Pursuant to the terms of the Settlement Agreement, MGTI and UAHC Ventures have agreed, UAHC Ventures’ conversion price and exercise price under the Note and the Warrant, respectively, shall each be equal to $0.75 per share of Common Stock. Further, MGTI has agreed to deliver to UAHC Ventures, 3,381,816 of MGTI’s shares of Common Stock (the “Conversion Shares”), provided any delivery of such Conversion Shares does not cause UAHC Ventures to own more than 4.99% of MGTI’s issued and outstanding shares of Common Stock (the “Ownership Limitation”). If a delivery of all or any portion of the Conversion Shares would cause UAHC Ventures to exceed the Ownership Limitation, MGTI has agreed to only deliver a number of Conversion Shares up to the Ownership Limitation and subsequently, upon notice from UAHC Ventures’, to deliver, in one or more issuances, additional shares of Common Stock until such time UAHC Ventures has received all of the Conversion Shares. Upon UAHC Venture’s receipt of all of the Conversion Shares, the entire outstanding balance of the Note shall be deemed to have been paid in full. Additionally, pursuant to the terms of the Settlement Agreement, MGTI and UAHC Ventures have agreed to cap the number of shares of Common Stock deliverable under the Warrant to 3,620,001 (the “Warrant Shares”). UAHC Ventures delivered a notice of exercise to MGTI on December 21, 2017, exercising its right to future delivery(ies) of the Warrant Shares at a time that UAHC Ven...