Biotricity, Inc. Enters into Credit Agreement with SWK Funding LLC
December 29, 2021 at 02:06 am IST
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On December 21, 2021, Biotricity, Inc. (the Company) entered into a Credit Agreement (Credit Agreement) with SWK Funding LLC (Lender), wherein the Company has borrowed $12,000,000, with a maturity date of December 21, 2026. The principal will accrue interest at the LIBOR Rate plus 10.5% (subject to adjustment as set out in the Credit Agreement). Interest payments are due on each February, May, August and November commencing February 15, 2022. Pursuant to the Credit Agreement, the Company will be required to make interest only payments for the first 24 months (which may be extended to 36 months under prescribed circumstances), after which payments will include principal amortization that accommodates a 40% balloon principal payment at maturity. Prepayment of amounts owing under the Credit Agreement are allowed under prescribed circumstances. Pursuant to the Credit Agreement the Company paid an Origination Fee in the amount of $120,000. Upon Termination of the Credit Agreement, the Company shall pay an Exit Fee of $600,000. The Company and Lender also entered into a Guarantee and Collateral Agreement (Collateral Agreement) wherein the Company agreed to secure the Credit Agreement with all of the Companys assets. The Company and Lender also entered into an Intellectual Property Security Agreement dated December 21, 2021 (the IP Security Agreement) wherein the Credit Agreement is also secured by the Companys right title and interest in the Companys Intellectual Property.
Biotricity Inc. is a medical technology company focused on biometric data monitoring and diagnostic solutions. The Company developed its Bioflux technology, comprised of a monitoring device and software components. The Bioflux device is comprised of a wet electrode worn on a belt clip around the waist. The Bioflux ECG reporting software enables doctors and labs to view a patientâs electrocardiogram (ECG) data for monitoring and diagnostic purposes. Its Bioflux platform has a built-in cellular chipset and a real-time embedded operating system, which allows for its technology to be utilized as an Internet of Things (IoT) platform. It has developed several technologies, including Biotres, Bioheart, and Biocare. Biotres is an ECG Holter solution that addresses the limitations of existing solutions in the Holter market. Bioheart is a personal cardiac monitoring solution for consumers. Biocare is a cardiac disease management platform for chronic care management and remote patient monitoring.