MISSISSAUGA, ONTARIO--(Marketwired - May 9, 2014) - MedX Health Corp. ("MedX" or the "Company") (TSX VENTURE:MDX) announces that it has closed on a second tranche of a private placement, as previously announced on January 22, 2014. Trapeze Capital Corp., acted as lead agent (the "Agent"), to raise gross proceeds of up to $2.0 million, from accredited investors, on a reasonable efforts basis through a private placement of Units. The second tranche which was closed today, raised gross proceeds of $350,000 by the issuance of 3,500,000 Units, comprising 3,500,000 common shares and 3,500,000 share purchase warrants ("Warrants") at $0.10 per unit. Each Warrant entitles the holder to purchase one additional common share during the period expiring May 9, 2016, at $0.20 per share. The securities issued through the private placement were subscribed for by accredited investors, and are restricted from trading before September 10, 2014. At closing, MedX paid the Agent a cash commission of $14,800, and issued 148,000 broker warrants to the Agent. Each broker warrant will be exercisable at $0.10 to acquire a unit comprising one common share and one share purchase warrant exercisable to acquire an additional common share from treasury at an exercise price of $0.20; the broker warrants and the share purchase warrants underlying the broker warrants will expire on May 9, 2016. Any shares issued on exercise of the broker warrants or the share purchase warrants underlying the units in the broker warrants will be restricted from trading September 10, 2014.
The Company previously announced on March 19, 2014 the closing of the first tranche, when it raised gross proceeds of $565,000 by issuance of 5,650,000 units, comprising 5,650,000 common shares and 5,650,000 share purchase warrants ("Warrants") at $0.10 per unit.
Following the foregoing issuance of shares in the placement, MedX has 68,894,657 shares outstanding.
MedX is headquartered in Mississauga, Ontario (Toronto), and is a global leader in the design, manufacturing and distribution of quality low level laser and light therapy technologies for use in numerous medical settings, including rehab/chiropractic, dental, wound care, and veterinary medicine, providing patients with drug free and non-invasive treatment of tissue damage and pain. MedX laser and light products are FDA approved, Health Canada cleared, and CE Mark approved for use in North America as well as the European Union. MedX's products include SIMSYS(TM) and MoleMate(TM), which are approved by Health Canada, and available to Canadian physicians and dermatologists, are FDA approved for use in the USA and are currently under review for CE approval for use in Europe, the UK, and Australia, as an optical biopsy that uses patented technology featuring a hand-held scanner device designed for clinical use that utilizes light to view beneath suspicious moles or lesions in a pain free, non-invasive manner, creating images in real-time for physicians and dermatologists to evaluate all types of moles or lesions within seconds. For more information log onto: www.simsys-molemate.com. For a complete profile of MedX and its products visit www.medxhealth.com.
This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of applicable Canadian securities legislation. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
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 press release.
FOR FURTHER INFORMATION PLEASE CONTACT:
MedX Health Corp.Robert von der Porten
President and CEO
905 670 4428
Source: MedX Health Corp.