MISSISSAUGA, ON--(Marketwired - April 25, 2017) -
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MedX Health Corp. ("MedX" or the "Company") (TSX VENTURE: MDX). The Company announces that, effective April 21, 2017, it closed the first tranche of a brokered private placement announced on March 9, 2017, when it entered into an engagement with Wildlaw Capital Markets Inc. (the "Agent"). The engagement with the Agent is to raise, by way of a private placement to accredited investors on a "best efforts" basis, subscriptions for units ("Unit(s)") at a price of $0.12 per Unit, for aggregate gross proceeds to MedX of up to $3,000,000 (the "Offering"). On Closing of the first tranche, the Company raised gross proceeds of $833,800 to its treasury by issuance of 6,948,333 Units, comprising 6,948,333 common shares ("Share(s)") and 6,948,333 share purchase warrants ("Warrants") at $0.12 per Unit. Each Warrant entitles the holder to purchase one additional Share during the period expiring April 21, 2020, at $0.20 per share. At Closing, a total of 400,365 Compensation Options were issued to brokers; each Compensation Option comprises a non-transferable Broker's Warrant, exercisable for a period of three years, to acquire a Unit at $0.12, comprising a Share and a Warrant exercisable until April 21, 2020, at $0.20. Broker commissions amounting to a total of $48,850 were also paid in cash from the gross proceeds. The securities issued on April 21, 2017, are restricted from trading before August 22, 2017.
Following this Closing, MedX has 104,639,494 shares outstanding.
MedX, headquartered in Mississauga, Ontario, is a leading medical device company focused on skin cancer with its SIAscopy technology. This technology is imbedded in its products SIAMETRICS™, SIMSYS, and MoleMate™, which MedX manufactures in its ISO 13485 certified facility. SIMSYS, and MoleMate™ include hand-held devices that use 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 its software then creating real-time images for physicians and dermatologists to evaluate all types of moles or lesions within seconds. The devices are sold to physicians and clinics, as well as being deployed in pharmacies and remote clinics from where the images are sent to dermatologists who perform a diagnosis. These products are Health Canada, FDA (US), ARTG and CE approved for use in Canada, the US, Australia, the European Union and Turkey. SIAMETRICS™ is a unique product used in a specialized market for research into the clinical effectiveness of medical treatments of certain skin conditions. MedX also designs, manufactures and distributes quality laser and light therapy technologies for use in numerous medical settings, approved in major jurisdictions, to provide drug free and non-invasive treatment of tissue damage and pain. For more information and a complete profile of MedX and its products visit 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.