Cloud DX (TSX-V:CDX, OTCQB:CDXFF) has announced amendments to its private placement of secured convertible debentures issued on September 8, 2023, as well as its intention to complete an additional placement of units and a debt settlement agreement.
In a statement, the digital health company said it expects to exchange $3,546,000 of the 18% secured convertible debentures issued in September with 3,546 convertible debenture units expected to be issued under an amended and restated convertible debenture agreement with Odyssey Trust Company on or about the week starting December 11, 2023.
Cloud DX (TSX-V:CDX, OTCQB:CDXFF) said it plans to complete a further non-brokered private placement offering of up to an additional $2,500,000 in principal amount of convertible debenture units. The “Series 2” debenture units will be offered on the same terms as its amended and restated issue. Closing is expected to occur in one or more tranches, with the first tranche likely to close on or about the week starting December 11, 2023.
The company said it anticipates using the net proceeds of the Series 2 financing for inventory and working capital.
Also, Cloud DX (TSX-V:CDX, OTCQB:CDXFF) said it has entered a debt settlement agreement with one of its employees under which it has agreed to settle C$35,000 of debt through the issuance of 340,335 common shares at a deemed price of C$0.1028 each.
Cloud DX is on a mission to make healthcare better for everyone. The company’s 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.
Contact the author at stephen.gunnion@proactiveinvestors.com