Victoria’s Vigil Health Solutions (TSX-V:VGL) has secured a $200,000 loan from the B.C. Discovery Fund (VCC) Inc. and GrowthPoint Capital Corp.
The loan is secured by all of Vigil’s property and is due on December 31, 2010.
Vigil also announced it plans to consolidate its shares at a ratio of one new share for each 20 outstanding common shares in order to facilitate future financing and strategic initiatives of the company. Vigil currently has 100 million common shares outstanding. If the consolidation is approved, Vigil will have approximately five million shares outstanding.
A 20-to-1 consolidation would result in Vigil’s share price rising to $0.20 per share from its current $0.01 per share.
The company, which provides emergency and nurse call solutions for seniors, reported a fourth quarter loss of $235,782 for the period ending March 31, 2010 compared with a loss of $23,584 in the same period in 2009. A 47% drop in quarterly revenue to $803,275 from $1.5 million was the main contributor to the loss. Gross profit fell to $327,182 from $611,397.
For the year, Vigil reported annual revenue in 2010 of $4 million with a net loss of $533,089 compared with revenue of $4.5 million and a net loss of $470,334 in 2009.