Cloud DX (TSX-V:CDX, OTCQB:CDXFF) announced that in a show of their support for the company, a group of its investors have agreed to convert approximately C$4.2 million in total debt to shares ahead of the maturity date.
It said the average conversion price was C$0.154 per share, a premium to the current market price of $0.09 before Tuesday’s opening bell in Toronto.
The company said that certain convertible debenture holders agreed to convert an aggregate principal amount of C$3,187,000 into shares of the company ahead of the applicable maturity date. As consideration for the early conversion, it has agreed to accelerate an aggregate of C$180,585 of interest from the applicable maturity date on which the convertible debentures are converted.
It said it has entered into shares for debt agreements with these creditors to settle an aggregate of $1,007,070 of interest owed on various debentures. The debt will be fully paid by Cloud DX (TSX-V:CDX, OTCQB:CDXFF) issuing to the creditors 6,553,409 shares for $0.15 or $0.16, depending on the maturity date of the debenture.
Additionally, Cloud DX (TSX-V:CDX, OTCQB:CDXFF) announced that it has entered into pooling agreements with certain shareholders, which it said also represented a strong vote of confidence in the company and its performance.
Under the agreement, the shareholders have agreed to be issued an aggregate of 26,411,896 shares in connection with the conversion of convertible debentures and per the debt settlement agreements to voluntary pooling until the earlier of 24 months from the effective date or the first business day after the closing price for Cloud DX shares on the TSX Venture Exchange or another recognized Canadian exchange on which its shares are listed are equal to or greater than $0.50 for 10 trading days.
Cloud DX’s mission is to make 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.