Biotricity raises $1M in private placement of Series B Preferred Stock, with option for additional $1M

BIOTRICITY INC.

Gross proceeds of $1M from sale of 110 Series B Convertible Preferred shares at $9,090.91 each.
Company has 30-day option to require second closing for additional $1M (110 more shares).
Series B Preferred Stock: 8% cumulative dividend (15% upon triggering event), initial conversion price $3.50, alternate conversion at 80% of lowest VWAP.
Registration rights agreement requires filing registration statement within 45 days; failure triggers issuance of 100,000 common shares.
Voting agreement with certain stockholders to support Nasdaq-required stockholder approval for conversion shares issuances.

item 1.01 item 3.02 item 9.01

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 (effective 2024-03-25).

Action: entry
Agreement: equity purchase
Counterparty: an institutional investor
Effective: 2024-03-25

Exact text from the filing

On March 25, 2024, Biotricity Inc. (the “Company”) entered into a security purchase agreement (the “Purchase Agreement”) with an institutional investor (the “Investor”) for the issuance and sale, in a private placement offering (the “Private Placement”), of 110 shares of the Company’s 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 Series B Convertible Preferred Stock, for gross proceeds of $1,000,000.

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BIOTRICITY INC. filing history →

Source: SEC EDGAR

accession 0001493152-24-011344

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