MISSISSAUGA, Ontario–(BUSINESS WIRE)–$MDX #SkinCancer–MedX Health Corp. (“MedX” or the “Company”) (TSXV: MDX), a global leader in teledermatology, is pleased to announce that on October 21, 2022 it finalized Closing of the private placement of Series III Convertible Loan Notes (“Series III Notes”) which, since it was first announced, has comprised issuance of a total of 22 Series III Notes, to raise a total of $1.1 Million.
The private placement of Series III Notes was originally announced on the Company’s Press Release dated July 7, 2022.
The Series III Notes, each with a face value of $50,000, bear interest at 8% per year, payable Half-yearly, and will mature on December 31, 2026 (the “Maturity Date”). The Series III Notes may be converted, at the option of the Holder, into units at $0.07 per unit (“Series III Unit”) at any time until June 30, 2023, and thereafter at $0.10 until the Maturity Date. Each Series III Unit will be comprised of One (1) fully paid Common Share and One (1) Series III Share Purchase Warrant. Each Series III Share Purchase Warrant will be exercisable to purchase One (1) further Common Share at the price of $0.07, exercisable for a period expiring on the Series III Maturity Date. Additionally, the Company will have the right to force redemption of any Series III Note(s) then outstanding, on the date that is thirty days after the date of the notice (“Redemption Date”), exercisable at any time after January 1, 2025, and provided that the Company’s common shares have closed at a price of $0.30 or above for thirty consecutive trading days immediately preceding the date of the Notice exercising the right, subject to the right of the Holder(s) of the Series II Note(s) to exercise the Conversion Right prior to the Redemption Date. In connection with the placement of the Series III Notes, the Company paid $8,000 in cash commissions. Included among the subscribers was Forest Lane Holdings Limited, a company controlled by David Hennigar, a director of the Company, which subscribed for ten Series III Notes, for a total of $500,000. In accordance with relevant regulatory and stock exchange policies, the securities issued in connection with the Series III Notes are restricted from trading for a period of four months from the original issue dates of the Series III Notes.
About MedX Health Corp.
MedX, headquartered in Ontario, Canada, 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 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 suspicious moles and lesions up to 2mm beneath in a pain-free, non-invasive manner. Its patented software then creates real-time images for physicians and dermatologists to evaluate all types of moles or lesions within seconds. These products are cleared by Health Canada, the U.S. Food and Drug Administration, the Therapeutic Goods Administration and Conformité Européenne for use in Canada, the U.S., Australia, New Zealand, the European Union, Brazil and Turkey.
Visit www./medxhealth.com.
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 release.
This Media Release may contain forward-looking statements, which reflect the Company’s current expectations regarding future events. The forward-looking statements involve risks and uncertainties.
Contacts
Bill Mitoulas, Investor Relations
MedX Health Corp.
bill@medxhealth.com
+1-416-479-9547