Business
MedMira Announces Final Draw Down of Equity Line
HALIFAX, Dec. 2 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR, NASDAQ: MMIRF), a developer ...
About this update from Medmira Inc.
[{"type":"text","content":"\n\n\n\nHALIFAX, Dec. 2 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR,\nNASDAQ: MMIRF), a developer and marketer of rapid diagnostics, announces its\nintention to enter into an arrangement for a settlement of shares for debt\nwith YA Global Investments LP. The Company has submitted its final draw down\nnotice for $118,067 to YA Global Investments LP against its equity line of\ncredit. Under the terms negotiated in the debenture agreement entered into on\nMay 23, 2008, YA Global Investments LP will purchase common shares from\nMedMira at a price to be calculated based on 96.5% of the daily volume\nweighted average price ("VWAP") over a 10 day pricing period, from November 6,\n2008 through November 20, 2008. The proceeds from the share purchase will be\napplied as a scheduled payment against the convertible debenture. The draw\ndown is scheduled to be settled in early December 2008. The issuance of the\nMedMira common shares with respect to this draw down is subject to the\napproval of the TSX Venture Exchange.\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\nindividuals with reliable, rapid diagnosis for diseases such as HIV and\nhepatitis C in just three minutes. The company's tests are sold under the\nReveal(R), MiraWell(R), MiraCare(TM) and Multiplo(TM) brands in global\nmarkets. MedMira's rapid HIV test is the only one in the world to achieve\nregulatory approvals in Canada, the United States, China and the European\nUnion. MedMira's corporate offices and manufacturing facilities are located in\nHalifax, Nova Scotia, Canada. For more information visit MedMira's website at\nwww.medmira.com.\n\n\nThis news release contains forward-looking statements, which involve risk\nand uncertainties and reflect the company's current expectation regarding\nfuture events. Actual events could materially differ from those projected\nherein and depend on a number of factors including, but not limited to,\nchanging market conditions, successful and timely completion of clinical\nstudies, uncertainties related to the regulatory approval process,\nestablishment of corporate alliances and other risks detailed from time to\ntime in the company quarterly filings.\n\n\nThe TSX Venture Exchange has not reviewed ...