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MISSISSAUGA, ON--(Marketwired - March 09, 2017) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
MedX Health Corp. ("MedX
") (TSX VENTURE: MDX) is pleased to announce that it has entered into an engagement letter dated March 8, 2017, with Wildlaw Capital Markets Inc. (the "Agent
") to complete, on a "best efforts" basis, a private placement of units (the "Units
") at a price of $0.12 per Unit, for aggregate gross proceeds to MedX of up to $3,000,000 (the "Offering
"). Each Unit shall be comprised of one common share in the capital of MedX (a "Common Share
") and one Common Share purchase warrant (a "Warrant
"). Each Warrant will be exercisable to acquire one Common Share at any time for a period of three years from the date of the closing of the Offering (the "Closing
"), at an exercise price of $0.20 per Common Share.
The Closing will be subject to the receipt of subscriptions and a number of other conditions, including, without limitation, the receipt of all regulatory and stock exchange approvals, as well as the negotiation and execution of certain documentation, including, without limitation, an agency agreement between the Agent and MedX. It is anticipated that the Closing will occur on or about March 30, 2017.
Upon the Closing, MedX will pay the Agent a cash commission equal to a minimum of 3%, and up to 6%, of the aggregate gross proceeds raised under the Offering and will issue broker warrants (the "Broker Warrants
") to the Agent to acquire that number of Units equal to a minimum of 3%, and up to 6%, of the number of Common Shares that comprise the Units, sold by the Agent, under the Offering. Each Broker Warrant will be exercisable to acquire one Unit, at any time for a period of three years from the date of the Closing, at an exercise price of $0.12 per Unit. MedX will pay the reasonable expenses and fees incurred by the Agent in connection with the Offering.
The net proceeds from the Offering will be used for further product development, expansion of marketing efforts of MedX products and for general working capital purposes. All of the securities issuable in connection with the Offering will be subject to a hold period expiring four months and one day after the date of Closing.
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. SIAMETRICS™, SIMSYS™, and MoleMate™ include hand-held devices that use patented technology utilizing light and its remittance to view up to 2mm 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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Cautionary Statement Regarding Forward-Looking Statements:
This press release contains forward-looking statements regarding a proposed offering, including the proposed use of proceeds of the offering. Actual developments may differ materially from those contemplated by these statements depending upon, among other things, the ability of MedX to raise the funds and decisions made by regulators. The forward-looking statements contained in this press release represent MedX's views and expectations as of the date of this release and should not be relied upon as representing its views and expectations at any subsequent date.Rob von der PortenPresident & CEO905-670-4428 ext 226 Deborah Thompson416-918-9551NEXT ARTICLE
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