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Message: MedX Announces Closing of $500,000 Non-brokered Private Placement of Convertible Debenture Loan Notes to Redeem Existing Secured Loan and Finalization
MISSISSAUGA, Ontario -- (Business Wire)
MedX Health Corp. (“MedX” or the “Company”) (TSX-V: MDX) announces that, further to the Press Release dated June 2, 2021, and pursuant to Conditional Acceptance of the TSX-V, it has today closed an agreement to redeem an existing $500,000 secured loan by way of a non-brokered Private Placement of 10 Convertible Debenture Loan Notes, each with a face value of $50,000 (“Convertible Notes”) to the same accredited investor. The Convertible Notes, which have similar terms to the Loan Notes issued by the Company in February, 2021, bear interest at 6% per year, payable Quarterly, and will mature on December 31, 2023 (the “Maturity Date”). The Convertible Notes may be converted, at the option of the Holder, into units at $0.14 per unit (“Unit”) at any time until the Maturity Date. Each Unit will be comprised of One (1) fully paid Common Share and One-half (1/2) of a Share Purchase Warrant. Each whole Share Purchase Warrant will be exercisable to purchase One (1) further Common Share at the price of $0.20, exercisable for a period expiring on the Maturity Date. The Convertible Notes, and any underlying securities, are subject to restriction from trading for a period of 4 months and one day from the date of issuance. No agents’ fees or commissions were payable on this transaction.
The Company is also pleased to announce that pursuant to Conditional Approval from the TSX Venture Exchange, it has finalized the Non-brokered private placement of 5,592,221 units at $0.18 each, previously announced on May 14, 2021, which raised $1,006,600 to the Company’s Treasury. Each unit in that Placement is comprised of One (1) fully paid common share and One (1) Share Purchase Warrant, exercisable to purchase One (1) further Common Share at the price of $0.25, exercisable for a period of two years from the date of issue. The securities, which were issued on May 14, 2021, are restricted from trading for four months and one day from the date of issue. In connection with that Closing, a cash commission of $60,000 was paid.
MedX, headquartered in Mississauga, Ontario, is a leading medical device and software company focused on skin health with its SIAscopy® on DermSecure® telemedicine platform, utilizing its SIAscopy® technology. SIAscopy® is also imbedded in SIAMETRICS®, a well-regarded research system used to assess treatment effectiveness of a variety of skin conditions, including burns. The Company’s SIAscope® and other devices are manufactured in its ISO 13485 certified facility. The SIAscope® is a hand-held device that uses patented technology utilizing light and its remittance to view up to 2 mm beneath suspicious moles and lesions in a pain free, non-invasive manner, with the Company’s software then creating real-time images for physicians and dermatologists to evaluate all types of moles or lesions within seconds. These products are Health Canada, FDA, TGA and CE cleared for use in Canada, the US, Australia, New Zealand, the European Union, Turkey and Brazil. DermSecure® meets all privacy, security and relevant regulatory requirements in Canada, the US, Brazil, and the EU. MedX also designs, manufactures and distributes quality photobiomodulation therapeutic and dental lasers to provide drug-free and non-invasive treatment of tissue damage and pain. www.medxhealth.com.
This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of applicable Canadian securities legislation. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
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 press release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210610005747/en/
Rob von der Porten, Chairman and Acting CEO
MedX Health Corp
Bill Mitoulas, Investor Relations
MedX Health Corp
Source: MedX Health Corp.
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