MISSISSAUGA, ON–MedX Health Corp. (“MedX” or the “Company”) (TSX VENTURE: MDX) announces that it has obtained acceptance from the TSX-V for an extension of time for the closing of additional tranches of the previously announced private placement until June 9, 2017.
The Company announced on March 9, 2017 that it had entered into an engagement letter with WCM Capital (the “Agent”) 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 of up to $3,000,000 (the “Offering”), with each Unit comprising one common share in the capital of the Company (each a “Share”) and one common share purchase warrant (“Warrant”) at $0.12 per Unit. Each Warrant entitles the holder thereof to purchase one additional Share at $0.20 per share for a period of three years from the date of issuance.
The Company completed the first tranche of the Offering on April 21, 2017, when it raised aggregate gross proceeds of $833,800 by issuance of 6,948,333 Units, comprising 6,948,333 Shares and 6,948,333 Warrants at $0.12 per Unit. Each Warrant entitles the holder thereof to purchase one additional Share during the period expiring April 21, 2020, at $0.20 per Share.
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.
Source: MEDX Health Corp.