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ALRT 8-k! CEO bought $5,000,000 private placement convertible

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TheLastOneSitting Member Level  Thursday, 06/14/18 05:25:02 PM
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ALRT 8-k! CEO bought $5,000,000 private placement convertible at .05 per share! Big deals are coming mark my words!

"On September 25, 2017 the Company announced that it had authorized a private placement up to $5 million for the issuance of convertible debentures that are convertible into shares of common stock at a price of $0.05 per share (the “Note”).

On June 13, 2018 the Chairman and Chief Executive Officer (the “Chairman”) of the Company accepted a proposal from the board of directors of the Company to purchase the $5,000,000 convertible debenture financing (the “Financing”). The Note will be convertible for a period of 5 years into common shares of the Company’s capital stock at a price of $0.05 per share. The Note will bear interest at a rate of 8 percent per annum and will be repayable in 4 equal semi-annual instalments starting 42 months after its issuance until maturity. The Note will be transferable or saleable by the Chairman or other holder thereof, in whole or in part, at any time without notice to the Company.

The Company and the Chairman will now negotiate a definitive agreement to implement the Note with the customary terms, conditions and representations of a commercial lending agreement based on the terms indicated in this Form 8K. The closing of the issue and sale of the Note will not occur until such time that is 30 days subsequent to the confirmation of the Company’s first commercial sale of its diabetes management software program"

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