LED Medical Diagnostics announced a proposal for a financing of up to $2,500,000 through “the issuance of 12% second secured debentures” for the company.
LED Medical Diagnostics (TSXV:LMD; OTCQB:LEDIF) announced a proposal for a financing of up to $2,500,000 through “the issuance of 12% second secured debentures” for the company.
As quoted in the press release:
The Debentures will be issued as part of a brokered private placement of units (each, a “Unit”), with each Unit consisting of: (i) a Debenture in the principal amount of Cdn$10,000; and (ii) 21,250 common shares of the Company. The subscription price for the units will be Cdn$10,000. The rights of the subscribers of the Debentures and the related security will be subordinated to the rights of the holders of debentures previously issued by the Company.
The Company intends to grant the common shares as a loan bonus in accordance with Policy 5.1 of the TSX Venture Exchange (the “TSXV”).