Business
A US Institution Invests $1 Million in MedMira - Capital Infusion to Support Sales and Marketing Initiatives in Strategic Markets
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S./ HALIFAX, May 23 /C...
About this update from Medmira Inc.
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE\n\n\nU.S./\n\n\nHALIFAX, May 23 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR,\nNASDAQ: MMIRF), a global market leader in premium rapid diagnostic solutions,\nannounced today that it has entered in to an agreement with YA Global\nInvestments LP, a US-based private equity fund, for the issuance of a USD\n$1,000,000 convertible debenture. Under the terms of the agreement, the\ndebenture will bear interest of 10% per annum and be subject to a one-time fee\nof 5.5% of the debenture amount. The debenture is convertible in whole or in\npart into common shares of MedMira at $.259 per share at any time during the\nterm of the debenture and matures November 20, 2008. The debenture is\nrepayable either by way of cash or shares issuable under a subscription\nagreement entered into by both parties on September 6, 2005 and subject to a\nprospectus filed by the company on March 17, 2008. Both of these documents can\nbe viewed on our website at www.medmira.com and on SEDAR at www.sedar.com.\n\n\nThis investment, accompanied by a $5 million private placement for which\nMedMira engaged Loewen Ondaatje McCutcheon Limited in March 2008, will enable\nthe Company to step up various sales and marketing activities in key\ninternational markets including new regulatory approvals in the US, a\nstrategic sales program for the Multiplo product line, and global strategic\npartnerships generating licensing opportunities for the Company's patented\nrapid flow-through platform.\n\n\n"Accelerating our sales and marketing drive in priority markets is key to\nMedMira's future growth. With this initial financing in place we can move\nforward to capitalize on the opportunities at hand," said Hermes Chan,\npresident and CEO of MedMira. "Access to these funds also allows us to\ncontinue on a path towards long-term growth, development of sustainable\nrevenue streams, and increased value for our shareholders. MedMira is uniquely\npositioned to capitalize on key opportunities in the US and international\nmarkets and we are pleased to have this initial support from YA Global\nInvestments."\n\n\nAbout MedMira\n\n\nMedMira is a leading developer and manufacturer of flow-through rapid\ndiagnostics. The company's tests provide hospitals, labs, clinics and\nin...