Cloud DX announces updated terms to C$3M placing of convertible debenture units

Cloud DX (TSX-V:CDX, OTCQB:CDXFF) (Cloud DX (TSX-V:CDX, OTCQB:CDXFF), Cloud DX (TSX-V:CDX, OTCQB:CDXFF)) Inc has updated the terms of a previously announced placing of convertible debenture units set to raise up to C$3 million to fund sales, marketing, research and development and general working capital. 

Echelon Wealth Partners Inc is acting as lead agent and sole book runner for the placing, which will see the issue of up to 3,000 convertible debenture units of the company, each comprising C$1,000 principal amount and 1,430 (previously 1,250) common share purchase warrants. 

Echelon has also been granted an option to sell up to 450 additional convertible debenture units for maximum gross proceeds of C$3.45 million.

The debentures will mature 36 months from issue and bear interest at a simple rate of 10% per year. 

Interest will be payable quarterly on the last business day of each quarter,  beginning on March 31, 2022. 

READ: Cloud DX announces C$3M placing of convertible debenture units

The principal amount of the debentures, or any portion thereof, can be converted by the holder into company common shares at a conversion price of C$0.35 (previously C$0.40) each at any time prior to the maturity date.

Each warrant will entitle the holder to buy one common share at C$0.50 for 24 months from the closing of the offering.

The convertible debenture units, debentures, warrants, and any securities issuable upon conversion or exercise thereof, will be subject to a statutory hold period of four months and one day from the date of issue.

Accelerating virtual healthcare, Cloud DX (TSX-V:CDX, OTCQB:CDXFF) is focused on making healthcare better for everyone. Its Connected Health remote patient monitoring platform is used by healthcare enterprises and care teams across North America to virtually manage chronic disease, enable aging in place, and deliver hospital-quality post-surgical care in the home.

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