ALR TECHNOLOGIES INC. (OTCMKTS:ALRT) Files An 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a RegistrantITEM 2.03
On September 25, 2017 the Company announced that it had authorized a private placement up to $5 million for the issuance of convertible debentures that are convertible into shares of common stock at a price of $0.05 per share (the “Note”).
On June 13, 2018 the Chairman and Chief Executive Officer (the “Chairman”) of the Company accepted a proposal from the board of directors of the Company to purchase the $5,000,000 convertible debenture financing (the “Financing”). The Note will be convertible for a period of 5 years into common shares of the Company’s capital stock at a price of $0.05 per share. The Note will bear interest at a rate of 8 percent per annum and will be repayable in 4 equal semi-annual instalments starting 42 months after its issuance until maturity. The Note will be transferable or saleable by the Chairman or other holder thereof, in whole or in part, at any time without notice to the Company.
The Company and the Chairman will now negotiate a definitive agreement to implement the Note with the customary terms, conditions and representations of a commercial lending agreement based on the terms indicated in this Form 8K. The closing of the issue and sale of the Note will not occur until such time that is 30 days subsequent to the confirmation of the Company’s first commercial sale of its diabetes management software program
About ALR TECHNOLOGIES INC. (OTCMKTS:ALRT)
ALR Technologies Inc. is a medical device company. The Company is engaged in providing remote monitoring and care facilitation for patients with diabetes. The Company focuses on commercializing its Heath-e-Connect System. The Company has developed a compliance monitoring system that will allow healthcare professionals to remotely monitor patient health conditions and provide patient health management. The Company’s products utilize Internet-based technologies to facilitate healthcare provider’s ability to monitor their patient’s health and ensure adherence to health maintenance activities. The Company’s Diabetes Care Facilitators and Health Data Monitors will track that data and based on clinician-approved protocols, will facilitate care interventions when patients show blood glucose readings that are out of an acceptable range or if they are failing to test their blood glucose as prescribed.