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Mednow Announces Amendment to Terms of Prospectus Supplement Offering
Mednow Announces Amendment to Terms of Prospectus Supplement Offering.
About this update from Mednow Inc.
[{"type":"text","content":"\nMednow Inc. (TSXV: MNOW) (OTCQX: MDNWF), Canada’s on-demand virtual pharmacy, announced today that further to its news release dated April 24, 2023, the Company has amended the terms of its offering by way of prospectus supplement for proceeds of up to $1,000,000 (the “Offering”) led by Gravitas Securities Inc. (the “Agent”). Pursuant to the Offering, the Company has engaged the Agent to offer on a “commercially reasonable efforts” basis up to 3,703,704 units of the Company (“Units”) at a price of $0.27 per Unit (the “Unit Price”). The Company has agreed to grant the Agent an option to increase the size of the Offering by up to 15% (the “Over-Allotment Option”), exercisable in whole or in part at any time for a period of 30 days after closing of the Offering.\n\n\nEach Unit will consist of one Class A common share in the capital of Mednow (a “Common Share”) and one Common Share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Common Share at a price equal to $0.41 for a period of 5 years from the closing date. The Units will be qualified for distribution by way of shelf prospectus supplement pursuant to a short form base shelf prospectus of the Company dated July 15, 2022.\n\n\nIn consideration for the Agent’s services with respect to the Offering, Mednow will (i) pay the Agent a cash fee of 8% of the aggregate gross proceeds of the Offering (including Units sold pursuant to exercise of the Over-Allotment Option); and (ii) issue such number of warrants (the “Broker Warrants”) equal to 8% of the aggregate number of Units sold pursuant to the Offering (including Units sold pursuant to exercise of the Over-Allotment Option). Each Broker Warrant will be exercisable to acquire one Unit at the Unit Price for a period of 5 years from the closing date.\n\n\nThe net proceeds of the Offering are intended to be used for working capital and general corporate purposes.\n\n\nThe Offering remains subject to receipt of TSX Venture Exchange and all other necessary regulatory approvals.\n\n\nAbout Mednow\n\n\nMednow (TSXV: MNOW) (OTCQX: MDNWF) is a healthcare technology company offering virtual access with a high-standard of care. Designed with accessibility and quality of care in mi...