Business
MedMira and Morningside Announce Final Approval of Private Placement
HALIFAX, Feb. 6 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR, NASDAQ: MMIRF), a developer ...
About this update from Medmira Inc.
[{"type":"text","content":"\n\n\n\nHALIFAX, Feb. 6 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR,\nNASDAQ: MMIRF), a developer and marketer of rapid diagnostic technology and\nsolutions, and Morningside Venture (IV) Investments Limited ("Morningside"),\npart of Morningside Asia, a Hong Kong-based institutional private equity and\nventure capital group, jointly announced today the final approval of\nUS$250,000 in equity financing from Morningside to MedMira announced on\nDecember 22, 2008. This news release also corrects minor errors in the\nDecember 22, 2008 news release.\n\n\nUnder the terms of this private placement Morningside acquired 6,119,500\nequity units at $0.05 per unit. Each equity unit consists of one common share\nand one common share purchase warrant. Each warrant entitles Morningside to\npurchase one common share of MedMira at $0.10 per share for five years. The\ncommon shares and the warrants are subject to a four month hold period that\nexpires on April 23, 2009. With the completion of this transaction,\nMorningside now owns 14.86% of common shares of MedMira.\n\n\nMorningside has made prior investments in MedMira and in addition to the\ncommon shares holds a four year debenture convertible into common shares of\nMedMira at a price of $0.15 per common share in the first two years from the\ndate of the issuance of the debenture and $0.165 in year three and $0.1815 in\nyear four and secured by a security interest in the patent rights and\ntechnology related to the Multiplo line of products and a security interest in\nthe STEP UP Technology. Morningside also holds a share purchase warrant,\nexercisable for 4,333,333 common shares of MedMira at a price of $0.15 per\ncommon share until August 28, 2010. If Morningside were to convert the\ndebenture and the warrant, it would own, together with the 16,952,833 common\nshares currently owned, 31,738,999 common shares or 24.62% of the total issued\nand outstanding capital of MedMira. Morningside acquired the securities for\ninvestment purposes only and has no current intent of acquiring any further\nsecurities of MedMira other than pursuant to the exercise of warrants or\npursuant to the conversion of the debenture.\n\n\nAbout Morningside\n\n\nMorningside Venture (IV) Investments Limited is part of the Morningside\ngroup, a global private equity and venture capital group fo...