On May 20, 2020 MedX Health Corp. ("MedX" or the "Company") (TSX-V: MDX) reported the precise specifics of the series of closings of non-brokered private placements made since January 30, 2020 (Press release, MedX Health, MAY 20, 2020, View Source [SID1234558345]). The following Table sets out the particulars of the dates of each closing, the number of units issued and the amount raised on each closing, together with details of Agent’s Warrants and cash commissions paid to Agents at each closing.
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Each Unit ("Unit") was issued at the price of $0.12, and comprises one fully paid common share and one share purchase warrant, exercisable at $0.20 for a period expiring on the second anniversary of each respective issue; all the securities issued are restricted from trading for a period of four months from their respective dates of issue. Included in the securities issued on April 27, 2020, are 200,000 units, at a total cost of $24,000, subscribed for by an Insider. Final Acceptance has been obtained from the TSX-V in relation to the closings which took place on January 30, March 4 and March 5, 2020, while the closings which took place on April 22, 27 and 29, and May 13, 2020, which are part of the proposed private placement announced in the Company’s Press Release dated March 6, 2020, are still subject to Final Acceptance from the TSX-V.
Each Agent’s Warrant, which is non-transferable, is exercisable to acquire one Unit at $0.12 per Unit, at any time during the period of two years following the respective dates of issue.
The funding from these placements will be used by MedX for further development and enhancement of its telemedicine software platform, marketing initiatives and general corporate purposes, including adding additional resources while it expands into new markets, in particular in Latin America and the USA where the Company is anticipating rapid growth.