MedMira to Receive Additional $1 Million Investment from Andurja
HALIFAX, Oct. 1, 2010 (Canada NewsWire via COMTEX News Network) --
MedMira Inc., ("MedMira") (TSX Venture: MIR, NASDAQ: MMIRF), a developer of rapid diagnostic technology and solutions, today announced that it has entered into an agreement with Andurja AG (Andurja), a Swiss company based in Lucerne, Switzerland, for the issuance of a CAD $1 million convertible debenture. Andurja previously invested $2 million in MedMira in 2009.
Under the terms of the agreement, the debenture will bear interest of 5% per annum. The debenture is convertible in whole or in part into common shares of MedMira at CAD $.05 per share at any time during the term of the debenture and matures September 30, 2013. The debenture is repayable either by way of cash or shares issuable under a subscription agreement entered into by both parties on October 1, 2010. Andurja also holds a share purchase warrant, exercisable for 10,000,000 common shares of MedMira at a price of $0.10 per common share until September 30, 2012. This agreement is subject to the approval of the TSX venture exchange.
About MedMira Inc.
MedMira is a leading developer and manufacturer of flow-through rapid diagnostics. The company's tests provide hospitals, labs, clinics and individuals with reliable, rapid diagnosis for diseases such as HIV and hepatitis C in just three minutes. The company's tests are sold under the Reveal(R), Multiplo(TM) and Miriad brands in global markets. MedMira's rapid HIV test is the only one in the world to achieve regulatory approvals in Canada, the United States, China and the European Union. MedMira's corporate offices and manufacturing facilities are located in Halifax, Nova Scotia, Canada. www.medmira.com.
This news release contains forward-looking statements, which involve risk and uncertainties and reflect the company's current expectation regarding future events. Actual events could materially differ from those projected herein and depend on a number of factors including, but not limited to, changing market conditions, successful and timely completion of clinical studies, uncertainties related to the regulatory approval process, establishment of corporate alliances and other risks detailed from time to time in the company quarterly filings.
