MISSISSAUGA, Ontario–(BUSINESS WIRE)–MedX Health Corp. (“MedX” or the “Company”) (TSX-V: MDX) is pleased to announce that it is proposing to raise up to $2,500,000 by way of a Non-Brokered Private Placement of up to 33,333,334 Units at $0.075 per Unit (“Unit”). 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 Warrants (“Warrant(s)”) will be exercisable to purchase One (1) further Common Share at the price of $0.10, during the period of one year commencing on the date of issue. Closing of the Placement, which may take place in tranches, will be subject to receipt of subscriptions for a minimum of $500,000 and a number of other conditions, including without limitation the receipt of all relevant regulatory and Stock Exchange approvals or acceptances. Funds raised on this placement will be directed towards continuing development of the Company’s leading edge SIAscopy® on DermSecure® telemedicine platform, building out the launch of its technology into the occupational health marketplace, and general corporate purposes. It is anticipated that certain Insiders may participate in this Placement. Closing of the Placement will be subject to all relevant TSXV or other approvals and compliance with all applicable policies. Qualified agents will receive a cash commission equal to 8% of the gross proceeds received by the Company from the sale of the Units to subscribers introduced by such agent(s) and agent’s warrants (“Agent’s Warrant(s)”) equal to 8% of subscriptions introduced by such agent(s). Each Agent’s Warrant, which will be non-transferable, will entitle the holder to acquire, at the price of CAD$0.09, a unit, comprised of One (1) fully paid Common Share and one-half (1/2) of a non-transferable agent’s share purchase warrant; each whole agent’s share purchase warrant (“Agent’s Share Purchase Warrant”), will entitle the holder to acquire one additional Common Share at the price of CAD$0.10. The Agent’s Warrants and any Agent’s Share Purchase Warrants that may be issued pursuant to exercise of an Agent’s Warrant, if not exercised, will expire one year following the date of issuance of the original Agent’s Warrant.
The Company also announces that a total of 500,000 stock options have been granted pursuant to the Company’s Incentive Stock Option Plan to a consultant. The options are exercisable at the price of $0.10 per share, valid for a period of five years and vest immediately. At this time there is a total of 30,000,000 options available for grant under the Company’s Incentive Stock Option Plan, of which a total of 23,050,000 (including the most recent grant) are currently subject to grants, at a weighted average exercise price of $0.1024, and 6,950,000 remain available for grant under the Plan.
About MedX Health Corp.:
MedX Health Corp., headquartered in Ontario, Canada, is a leader in non-invasive skin assessment and teledermatology. Its proprietary SIAscopy® technology, integrated into the DermSecure® platform, enables pain-free, accurate imaging of skin lesions for rapid dermatologist review. 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 United Kingdom, the European Union and Turkey. MedX’s advanced telemedicine platform enables healthcare professionals to quickly and accurately assess suspicious moles, lesions, and other skin conditions through its proprietary imaging technology, SIAscopy®, and its secure, cloud-based patient management system, DermSecure®. SIAscopy® is the only technology capable of capturing five high-resolution images, including four spectrophotometric scans that penetrate 2mm below the skin’s surface. Visit: https://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
MedX Health Corp.
Mike Druhan, President Dermatological Services
[email protected]
(+1) 905-599-7852
