- Closed on the first $2.5 million of the $4 million Non-brokered Private Placement of Convertible Debenture Loan Notes each with a face value of $50,000 as originally announced in its Press Release dated January 25, 2021.
- On January 27 and 28, 2021, there were closings of 40 and 10 Convertible Notes respectively, raising gross proceeds of $2.5 million.
MedX Health Corp. (“ MedX ” or the “ Company ”) (TSX-V: MDX) is pleased to announce that it has closed on the first $2.5 million of the $4 million Non-brokered Private Placement of Convertible Debenture Loan Notes each with a face value of $50,000 (“Convertible Notes”) as originally announced in its Press Release dated January 25, 2021. On January 27 and 28, 2021, there were closings of 40 and 10 Convertible Notes respectively, raising gross proceeds of $2.5 million. The Convertible Notes will 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 Company anticipates that it will close on further issuances of up to 30 more Convertible Notes, for up to a further $1.5 million. Closings will be subject to receipt of subscriptions and a number of other conditions, including without limitation the receipt of all relevant regulatory and Stock Exchange approvals or acceptances. The Convertible Notes, and any underlying securities, are subject to restriction from trading for a period of four months and one day from the respective dates of issuance. Qualified Agents may receive commissions in respect of subscriptions introduced by them by way of cash equal to 6% of funds so introduced, and issuance of agent’s warrants (“Agent’s Warrant(s)”) calculated by reference to 6% of the funds from subscribers introduced by such Agent. Each Agent’s Warrant, which is non-transferable, will be exercisable to acquire one Unit at $0.14 per Unit, at any time during the period up to the Maturity Date. In relation to the Closings already completed, a total of $129,000 has been paid by way of cash commissions and 407,143 Agent’s Warrants were issued. The Agent’s Warrants, and any underlying securities, are restricted from trading for a period of four months and one day from their respective dates of issuance.
Read More: https://agoracom.com/ir/MDX/forums/discussion/topics/754322-medx-announces-closings-of-first-2-5-million-of-convertible-debenture-loan-notes-and-anticipates-further-closings-up-to-1-5-million/messages/2301346#message
Tags: DermSecure, MedX, MoleMate, Simsys, Skin Cancer, small cap stocks, stocks, tsx