Mitesco Inc. (MITI)

[DikFritz]

Email I got back today below. I’m rather excited about the reply I received. Sorry just copy and paste on mobile.

“Thank you for your continued interest.

In previous public filings and press releases we have stated that we intend to fund the Company's capital needs with a Preferred offering. Initially we had considered a security paying 10% interest, not redeemable for 3 years. After considering input from the investment banking community, we have modified the terms to be 12% interest, and now redeemable after 2 years. It remains a separate private placement and is not convertible into common shares. It is priced at $25.00 per share and is expected to be registered within 90 days.

We originally expected a $10M initial raise, then raised that to $15M, 600,000 shares total. In the past few weeks, the quality and size of the potential participants has risen, and while we intended to raise additional amounts in the future, a number of interested parties has expressed interest in larger amounts, hence our mention that we may raise up to $50M, sooner than later.

Since the Pref is not convertible into common, there is no dilutive effect from the issuance. We would incur increased cost of carry from the interest, though the increased number of potential clinic sites should easily support the capital increase, and if it were to be consummated, would allow 40-50 sites to be opened much more quickly than originally envisioned.

This insight can be found in our filings, press and on our web site, thus it is public and may be shared to any of the public.
Thank you.”
Larry
Lawrence Diamond | Chief Executive Officer
Mitesco, Inc.
844.383.8689
[e-mail]