TORONTO, Feb. 2 /CNW/ - Medworxx Solutions Inc. ("Medworxx") (TSXV: MWX) is pleased to announce that it intends to sell, on a private placement basis, up to an aggregate principal amount of $400,000 of 14% convertible debentures maturing February 2011. The convertible debentures are convertible at the option of the holder into units of Medworxx at a conversion price of $0.10 per unit, each unit consisting of one common share and one-half of one warrant, each full warrant entitling the holder to purchase one common share at a price of $0.12 prior to the maturity date. Finders fees in the amount of 7.5% of the principal amount raised will be paid to arm's length third parties. The offering is subject to regulatory approval as well as the satisfaction of other customary conditions, and securities sold under the offering will be subject to a statutory four month hold period.
Medworxx intends to use the net proceeds from the private placement for working capital, and for general corporate purposes. Closing of the offering is anticipated as soon as practicable.
About Medworxx: ---------------
Medworxx, the makers of strategic software platforms that hospitals use to communicate, aggregate, and analyze knowledge, has been capturing the power of hospital knowledge since 2004. Medworxx' products are used by approximately 500,000 users at over 280 hospitals across North America. Headquartered in Toronto, Ontario, Medworxx trades on the TSX Venture Exchange under the symbol MWX.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Cautionary Note Regarding Forward-Looking Statements ----------------------------------------------------
This press release contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Medworxx to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, such as costs of sales, general economic conditions, the success of marketing and competition from competing suppliers and businesses. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this press release. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
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