REDWOOD CITY, Calif., Jan. 20, 2021 (GLOBE NEWSWIRE) -- Biotricity Inc. (OTCQB:BTCY), a medical diagnostic and consumer healthcare technology company, announced today that it has completed a series of closings pursuant to which it sold an aggregate gross proceeds of $9,557,500 of convertible promissory notes to institutional and retail investors in separate offerings. The convertible notes convert into the Company’s common stock at a conversion price equal to 75% of the volume weighted average price of the common stock for the five trading days prior to the conversion date. Additionally, the Company will issue the investors in the offering cash warrants based on the amount of promissory notes converted by the investors. The Company believes that conversion of these promissory notes will be instrumental in the Company’s path towards a senior market listing.
In addition to general corporate needs, the capital raised will be used to help the Company expand its operations, increase the sales team to promote more rapid sales growth, and launch Biotricity’s second product (pending regulatory clearance).
“The completion of the offerings, which included key institutional investors, represents another major milestone and validation for the Company,” said Biotricity Founder and CEO Waqaas Al-Siddiq.” This capital represents an important step in the Company’s strategy towards listing on a senior market. Alongside sales growth, this remains a priority for the Company in 2021.”
“While strengthening Biotricity’s capital position, this funding also impacts our ability to more rapidly expand our sales force into important territories where we currently lack coverage. It also strengthens our ability to complete some important R&D commercialization projects and support our multi-year growth strategy.”
This press release is issued for informational purposes and shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. For further information on the Promissory Notes and Warrants, please see Company’s filings with the Securities and Exchange Commission including the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 31, 2020 and January 20, 2021.
About Biotricity Inc.
Biotricity is reforming the healthcare market by bridging the gap in remote monitoring and chronic care management. Doctors and patients trust Biotricity’s unparalleled standard for preventive & personal care, including diagnostic and post-diagnostic products for chronic conditions. The company develops comprehensive remote health monitoring solutions for the medical and consumer markets. To learn more, visit www.biotricity.com.
Important Cautions Regarding Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words “may,” “should,” “would,” “will,” “could,” “scheduled,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “seek,” “project,” or “goal” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements may include, without limitation, statements regarding (i) the plans, objectives and goals of management for future operations, including plans, objectives or goals relating to the design, development and commercialization of Bioflux or any of the Company’s other proposed products or services, (ii) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, capital structure or other financial items, (iii) the Company's future financial performance, (iv) the regulatory regime in which the Company operates or intends to operate and (v) the assumptions underlying or relating to any statement described in points (i), (ii), (iii) or (iv) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the Company's inability to obtain additional financing, the significant length of time and resources associated with the development of its products and related insufficient cash flows and resulting illiquidity, the Company's inability to expand the Company's business, significant government regulation of medical devices and the healthcare industry, lack of product diversification, existing or increased competition, results of arbitration and litigation, stock volatility and illiquidity, and the Company's failure to implement the Company's business plans or strategies. These and other factors are identified and described in more detail in the Company's filings with the SEC. The Company assumes no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.
Donna Loughlin Michaels
MKR Investor Relations, Inc.
Todd Kehrli or Mark Forney