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Arrhythmia Research Tech closes $500k private placement

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Arrhythmia Research Technology closes private placement

Arrhythmia Research Technology (NYSE:HRT) this month announced the close of a private placement round of funding, raising $500,000 to put toward "working capital."

The notes are expected to mature in December 2016, with an annual simple interest rate of 10% until maturation and 12% thereafter until the notes are repaid, according to a regulatory filing.

With each $50,000 purchased in notes, ART gave investors warrants to purchase 100,000 shares of common stock at $3.51 apiece, starting in 6 months and good for 3 years from the issuance date.

The Fitchburg, Mass.-based medical device company recently tapped Derek Welch as its new CFO. Welch took over for David Garrison, who left his post in Sept.

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