Healthcare Integrated Technologies, Inc. announced that it has received $0.3204 million in funding from AJB Capital Investments LLC
February 01, 2021
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Healthcare Integrated Technologies, Inc. (OTCPK:HITC) announced that it has entered into a securities purchase agreement with AJB Capital Investments LLC for private placement of a convertible promissory note for gross proceeds of $320,400 on February 2, 2021. The note matures on August 2, 2021, bears interest at a rate of 10% per annum, and, following an event of default only, is convertible into shares at a conversion price equal to the lesser of 90% of the lowest trading price during the 20 trading day period preceding the issuance date or the 20 trading day period preceding date of conversion of the note. The note is also subject to covenants, events of defaults, penalties, default interest and other terms and conditions customary in transactions of this nature. The note is issued at a discount of $39,600 to principal amount of $360,000. The note is secured on company's assets. The company has paid finder's fee of $31,256 and issued 1,333,334 common shares of $200,000 as commitment fees. During the 6-month period following the 6-month anniversary of the closing date, the investor shall be entitled to be issued additional shares to the extent the investor's sale of commitment shares results in net proceeds to investor of an amount less than the commitment fees. If the company repays the note on or before the maturity date, the company may redeem 666,667 of the commitment shares at a redemption price of $1 per share. The company will reimburse investor $9,000 as legal fees and $3,500 as due diligence fees. The securities were issued pursuant to exemption provided under Section 4(a)(2) and rule 506(b) of Regulation D.
Healthcare Integrated Technologies, Inc. is a healthcare technology company. The Company creates a diversified spectrum of healthcare technology solutions to integrate and automate the continuing care, home care and professional healthcare spaces. Its initial product, SafeSpace with Artificial Intelligence (AI) Vision, is an ambient fall detection solution designed for continuing care communities and at home use. SafeSpace includes hardware devices utilizing red, green and blue (RGB), radar and other sensor technology coupled with its internally developed software to monitor a person remotely. In continuing care communities, SafeSpace detects resident falls and generates alerts to a centralized, intelligent dashboard without the use of wearable devices or any action by the resident. In the home, SafeSpace detects falls and sends alerts directly to designated individuals. In addition to its product offerings, the Company also develops a home concierge healthcare service application.