MedMira and Morningside Complete Funding Deal

About this update from Medmira Inc.

[{"type":"text","content":"\n\n\n\nHALIFAX, Aug. 29 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR,\nNASDAQ: MMIRF), a developer and marketer of rapid diagnostics, and Morningside\nVenture (IV) Investments Limited ("Morningside"), a member of the global\nprivate equity and venture capital group, the Morningside group, jointly\nannounced today that they have closed $650,000 (Canadian dollars) in\nconvertible debenture financing from Morningside to MedMira, that was\nannounced on August 15, 2008.\n\n\n"We're very enthusiastic about MedMira's US expansion plans and are\npleased to provide the financial support necessary to capitalize on these\ncritical growth opportunities," said George Chang, chief financial officer of\nMorningside Asia. "This investment and our continuing support of MedMira\nreflect our belief in the in vitro diagnostics sector as a tremendous growth\nopportunity. We are confident that MedMira's commitment to advanced rapid\ndiagnostics will lead to success."\n\n\nUnder the terms of the agreement, Morningside acquired a four year\nconvertible debenture (secured) that is 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 acquired 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. Morningside owns 10,833,333 common shares\nof MedMira and if the convertible debenture was converted into common shares\nand the share purchase warrant was fully exercised, Morningside would be an\n18.13% shareholder of MedMira. The convertible debenture and share purchase\nwarrant and the common shares issuable upon the due exercise of the share\npurchase warrant and upon the due conversion of the convertible debenture are\nsubject to a four month hold period that expires on December 29, 2008.\n\n\n"Morningside's further investment in MedMira demonstrates its confidence\nin our vision and our market opportunity," said Hermes Chan, President and CEO\nof MedMira. "We are eager to put this new c...

More updates from Medmira Inc.