Biotricity raises ~$1.22M net through convertible notes with 15% interest and warrants

BIOTRICITY INC.

Raised $1,218,930 net proceeds from $1,387,700 principal amount convertible notes at 15% interest, maturing one year from final closing.
Notes convertible after 6 months at lower of 75% of 5-day VWAP or 80% of next qualified financing price.
Investors received 4-year warrants exercisable at 200% of VWAP; exercise price adjusts if stock sold below.
Shareholder approval obtained March 31, 2023, per Nasdaq rules for potential >20% issuance.
Paulson Investment Company acted as placement agent with 10% cash fee and 8% warrant coverage plus $25K expense.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

BIOTRICITY INC. entered into Subscription Agreements with certain accredited investors (the "Investors") valued at aggregate net proceeds of $1,218,930 and a total Note principal of $1,387,700 (effective 2023-03-01).

Action: entry
Agreement: equity purchase
Counterparty: certain accredited investors (the "Investors")
Value: aggregate net proceeds of $1,218,930 and a total Note principal of $1,387,700
Effective: 2023-03-01

Exact text from the filing

On March 1, 2023, through May 12, 2023, Biotricity Inc. (the “Company”) entered into subscription agreements (the “Subscription Agreements”) with certain accredited investors (the “Investors”) for the sale to the Investors of convertible promissory notes (the “Notes”) and warrants to purchase shares of common stock (the “Warrants”, and together with the Notes, the “Securities”) that resulted in an aggregate net proceeds of $1,218,930 and a total Note principal of $1,387,700 in a private placement (the “Private Placement”).

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BIOTRICITY INC. filing history →

Source: SEC EDGAR

accession 0001493152-23-018125

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