TORONTO, Dec. 4, 2012 /CNW/ - Biosign Technologies Inc. (TSXV: BIO) (the "Company") announced agreement that it received prior agreement to
convert $137,790.35 in non-interest bearing demand loans previously
made by two related parties (the "Loans"), into common shares priced at
a price of $0.05 per share, subject to regulatory approval. The terms
of the Loans provide that they are repayable on the date the Company
completed a debt or equity financing for proceeds of not less than CAD
$250,000. The Company has previously received forbearance agreements in
respect of the amounts otherwise due. As a result of this debt
conversion and subject to all applicable regulatory regulations,
2,755,807 common shares shall be issued in full satisfaction of the
Biosign CEO Robert Kaul stated: "This conversion of debt to equity
allows us to preserve cash during our restructuring efforts and is a
key expression of support for the success to date we have achieved from
those efforts. As we re-capitalize the Company, our goal remains to
preserve funds while we execute our new sales plan."
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE: Biosign Technologies Inc.
For further information:
Biosign Contact Information
Chief Executive Officer
Phone: (416) 218-9800 ext. 201