Biotricity raises $2M via Series B Convertible Preferred Stock at $3.50 conversion price, 8% dividend

BIOTRICITY INC.

Gross proceeds of $2,000,000 from sale of 220 Series B Preferred shares at $9,090.91 per share.
Series B Preferred carries 8% cumulative dividend, increasing to 15% upon a triggering event.
Initial conversion price set at $3.50 per share; alternate conversion at 80% of lowest VWAP.
Company may redeem shares at 110% of stated value; holders can force redemption upon a trigger event.
Institutional investor subject to 4.99% beneficial ownership cap; shareholder vote may be needed if conversion exceeds 19.9% of outstanding common.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

BIOTRICITY INC. entered into Purchase Agreement with an institutional investor valued at $2,000,000 (effective 2023-09-19).

Action: entry
Agreement: equity purchase
Counterparty: an institutional investor
Value: $2,000,000
Effective: 2023-09-19

Exact text from the filing

On September 19, 2023, Biotricity Inc. (the “Company”) entered into a security purchase agreement (the “Purchase Agreement”) with an institutional investor (the “Investor”) for the issuance and sale of 220 shares of the Company’s newly designated Series B Convertible Preferred Stock, $0.001 par value (the “Series B Preferred Stock”), at a purchase price of $9,090.91 per share of Preferred Stock, or gross proceeds of $2,000,000.

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BIOTRICITY INC. filing history →

Source: SEC EDGAR

accession 0001493152-23-033139

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