Business
MedX Health Corp. Announces Proposed Debt Settlements and Private Placement
MISSISSAUGA, ON , Oct. 29, 2013 /CNW/ - MedX Health Corp. (TSX-V - MDX ), announces t...
About this update from Medx Health Corp.
[{"type":"text","content":"\n\n\nMISSISSAUGA, ON, Oct. 29, 2013 /CNW/ - MedX Health Corp. (TSX-V - MDX), announces that it has entered into agreements to settle a total of\n $1,779,933 of debt owed to certain trade creditors, general creditors\n and insider creditors, subject to all relevant consents and approvals. \n Under the Debt Settlement Agreements, a total of $179,708 of trade debt\n will be settled by issuance of 898,812 shares issued at $0.20 per\n share, $1,164,620 of debt due to general creditors will be settled by\n issuance of 11,646,204 units at $0.10 per unit, and $435,603 of debt\n due to insider creditors will be settled by issuance of 1,742,415\n shares at $0.25 per share.  Each of the units proposed to be issued to\n general creditors will be comprised of one fully paid common share and\n one-half of a share purchase warrant; each whole warrant will be\n exercisable to purchase one common share at $0.20 per share for the\n period to December 31, 2014, and at $0.30 from January 1, 2015 to\n December 31, 2015.  Regulatory and other consents will include approval\n from the TSX Venture Exchange and, in relation to shares issuable to\n insiders, approval of shareholders (excluding votes of shares owned by\n the relevant insiders).\n\n\nAdditionally, the Company is pleased to announce that it is proposing,\n subject to all relevant consents and approvals, including in\n particular, but not limited to approval from the TSX Venture Exchange,\n to raise $150,000 by issuance of 15 units as follows.\n\n\n(a) Each Unit comprises one \"designated\" Unsecured Convertible\n Redeemable Loan Note(\"Loan Note(s)\") with a face value of $10,000 and\n one \"designated\" detachable, share purchase warrant (\"Warrant(s)\");\n\n\n(b) Each Loan Note will bear interest at ten per cent (10%), payable at\n the end of each calendar quarter while it is outstanding;\n\n\n(c) The Conversion price for each Loan Note is $0.10, thus 100,000 fully\n paid common shares for each Loan Note on full conversion;\n\n\n(d) Each Warrant entitles the holder to purchase up to 100,000\n additional common shares at $0.20 per share; exercise period is\n directly linked to expire on the date that is nine months after the\n maturity date of the respective Loan Note to which the warrant was\n originally attached; the Warrant expiration date is not chan...