Business
Mednow Announces Filing of Prospectus Supplement
Mednow Announces Filing of Prospectus Supplement.
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 and May 9, 2023, the Company has entered into an agency agreement dated May 9, 2023 (the \"Agency Agreement\") with Gravitas Securities Inc. (the \"Agent\"). Pursuant to the Agency Agreement, the Company proposes to complete a \"commercially reasonable efforts\" offering by way of prospectus supplement to the Company’s base shelf prospectus dated July 15, 2022 (the “Offering”). The Offering is comprised of up to 3,703,704 units of the Company (“Units”) at a price of $0.27 per Unit (the “Unit Price”) for aggregate gross proceeds of up to $1,000,000 (the “Financing Proceeds”). 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 the closing date of the Offering (the “Closing Date”).\n\n\nEach Unit will consist of one Class A common share in the capital of Mednow (a “Share”) and one Share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Share at a price equal to $0.41 for a period of 5 years following the Closing Date, subject to acceleration in certain circumstances. The Company anticipates that the Warrants will be governed by a warrant indenture to be entered into between the Company and Endeavour Trust Corporation, as warrant agent, on or before the Closing Date.\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\nIt is anticipated that the Proceeds will be used by the Company prima...