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Mednow Announces Closing of Prospectus Supplement Financing Led by Gravitas Securities and Concurrent Non-brokered Private Placement for Aggregate Proceeds of $1.1 Million
Mednow Announces Closing of Prospectus Supplement Financing Led by Gravitas Securities and Concurrent Non-brokered Private Placement for Aggregate Proceeds of $1.1 Million.
About this update from Mednow Inc.
[{"type":"text","content":"\nMednow Inc. (TSXV: MNOW) (OTCQX: MDNWF) (\"Mednow\" or the \"Company\"), Canada’s on-demand virtual pharmacy, is pleased to announce that further to the Company’s news releases dated April 24, 2023, May 9, 2023 and May 10, 2023, the Company has closed its previously announced \"commercially reasonable efforts\" offering by way of prospectus supplement (the “Offering”). Pursuant to the Offering, the Company issued 1,945,415 units of the Company (“Units”) at a price of $0.27 per Unit (the “Unit Price”) for aggregate gross proceeds of approximately $525,262. The Offering was completed pursuant to an agency agreement dated May 9, 2023 (the \"Agency Agreement\") with Gravitas Securities Inc. (the \"Agent\").\n\n\nPursuant to the Agency Agreement, the Agent has the option to increase the size of the Offering by up to an additional 555,555 Units (the “Over-Allotment Option”), exercisable in whole or in part at any time for a period of 30 days after the date hereof (the “Closing Date”).\n\n\nIn connection with the Offering, the Agent received a cash commission of $42,020.96, 155,633 warrants (each a “Broker Warrant”). Each Broker Warrant is exercisable to acquire one Unit at the Unit Price for a period of 5 years from the Closing Date. In addition, the Company paid to the Agent a corporate finance fee of 97,270 Units.\n\n\nEach Unit issued pursuant to the Offering consists of one Class A common share in the capital of Mednow (a “Share”) and one Share purchase warrant (a “Warrant”). Each Warrant entitles the holder thereof to purchase one Share at a price equal to $0.41 for a period of 60 months following the Closing Date, subject to acceleration in certain circumstances. The Warrants are governed by the terms of a warrant indenture (the “Indenture”) dated May 15, 2023 between the Company and Endeavour Trust Corporation, as warrant agent, a copy of which will be available under the Company’s profile at www.sedar.com. For further details regarding the Warrants, please refer to the Indenture.\n\n\nThe Offering was completed pursuant to a prospectus supplement dated May 9, 2023 to the Company’s short form base shelf prospectus dated July 15, 2023 in the provinces of British Columbia, Alberta, Saskatchewan, Ma...