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Toronto, Ontario--(Newsfile Corp. - July 22, 2024) - CardioComm Solutions, Inc. (TSXV: EKG) ("CardioComm" or the "Company"), a global medical provider of consumer heart monitoring and medical electrocardiogram ("ECG") software solutions, announces that it has entered into a revolving line-of-credit loan agreement with a company (the "Lender") controlled by Daniel Grima, a director of CardioComm dated as of July 22, 2024, representing additional available funding as needed of up to $500,000. The terms of the loan require that any borrowed amounts be repaid by the Company, along with interest at 8% per year, by no later than July 22, 2026. The loan is secured against the assets of the Company.
The Company has the right to repay any loan amounts outstanding at any time, plus interest, in whole or in installments, without penalty. In addition, the Lender may elect to convert some or all of the loan amount outstanding at any time into common shares of the Company at a price per share equal to the "discounted market price" under the policies of the TSX Venture Exchange. Any conversion of debt into shares will be subject to applicable securities laws and approval of the TSX Venture Exchange.
The Lender is a company controlled by Daniel Grima, a director of the Company. Accordingly, the loan transaction is considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the transaction does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101.
The Company also announces that it has issued 125,000 stock options to Etienne Grima, the Company's CEO, in accordance with his employment agreement. The options are exercisable at $0.05 per share for five years from the date of grant and vest immediately. The grant is subject to the provisions of the Company's Stock Option Plan, the policies of the TSX Venture Exchange and applicable securities laws.
To learn more about CardioComm's products and for further updates regarding HeartCheck™ ECG device integrations please visit the Company's websites at www.cardiocommsolutions.com and www.theheartcheck.com.
About CardioComm Solutions
CardioComm Solutions' patented and proprietary technology is used in products for recording, viewing, analyzing and storing electrocardiograms for diagnosis and management of cardiac patients. Products are sold worldwide through a combination of an external distribution network and a North American-based sales team. CardioComm Solutions has earned the ISO 13485 certification, is HIPAA compliant and holds clearances from the European Union (CE Mark), the USA (FDA) and Canada (Health Canada).