HALIFAX, Dec. 2 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR, NASDAQ: MMIRF), a developer and marketer of rapid diagnostics, announces its intention to enter into an arrangement for a settlement of shares for debt with YA Global Investments LP. The Company has submitted its final draw down notice for $118,067 to YA Global Investments LP against its equity line of credit. Under the terms negotiated in the debenture agreement entered into on May 23, 2008, YA Global Investments LP will purchase common shares from MedMira at a price to be calculated based on 96.5% of the daily volume weighted average price ("VWAP") over a 10 day pricing period, from November 6, 2008 through November 20, 2008. The proceeds from the share purchase will be applied as a scheduled payment against the convertible debenture. The draw down is scheduled to be settled in early December 2008. The issuance of the MedMira common shares with respect to this draw down is subject to the approval of the TSX Venture Exchange.
About MedMira
MedMira is a leading developer and manufacturer of flow-through rapid diagnostics. The company's tests provide hospitals, labs, clinics and individuals with reliable, rapid diagnosis for diseases such as HIV and hepatitis C in just three minutes. The company's tests are sold under the Reveal(R), MiraWell(R), MiraCare(TM) and Multiplo(TM) brands in global markets. MedMira's rapid HIV test is the only one in the world to achieve regulatory approvals in Canada, the United States, China and the European Union. MedMira's corporate offices and manufacturing facilities are located in Halifax, Nova Scotia, Canada. For more information visit MedMira's website at www.medmira.com.
This news release contains forward-looking statements, which involve risk and uncertainties and reflect the company's current expectation regarding future events. Actual events could materially differ from those projected herein and depend on a number of factors including, but not limited to, changing market conditions, successful and timely completion of clinical studies, uncertainties related to the regulatory approval process, establishment of corporate alliances and other risks detailed from time to time in the company quarterly filings.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this statement.
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