PCTL receives 400k in financing. Convertible at .20. Major NEWS.
PCT LTD (OTC Pink: PCTL) today announced that it has received $400,000 in funding from California based RB Capital Partners, Inc. ("RB Capital"). RB Capital has provided funding to the Company in the form of two 12-month premium-to-market convertible notes. The notes accrue interest at 5% per annum, are convertible at a rate of $0.20 per share and do not include any ratchet clauses or warrant coverage. The entire $400,000 investment has been received by the Company as of October 16, 2020.
The proceeds will be used for further development, increased production, and distribution of a suite of technologies and products aimed at the prevention and treatment of infectious disease including but not limited to the coronavirus. The Company’s patented systems and safe fluid products are providing hospitals and the healthcare industry at large with cutting edge disinfecting and decontaminating solutions that combat microbial infection.
PCT Ltd. CEO, Gary Grieco, stated, "We are incredibly pleased to announce our funding partnership with RB Capital. They are the long-term funding partner we have been looking for which will enable us to execute on both our short- and long-term goals." Grieco further comments, "Now we are able to get ahead of the orders we’re receiving by purchasing the necessary inventory to serve our distributors, their customers and our U.K. partners, building our equipment inventory to more quickly meet demand."
