Proceeds to augment recent public offering, fund growth program.
MISSISSAUGA, ON, May 13 /CNW/ - MedX Health Corp. (TSXV: MDX) ("MedX" or the "Company") today announced a private placement of Units to raise up to $2,000,000 at a price to be determined in the context of the market. Each Unit shall consist of one common share and one-half share purchase warrant. Each warrant shall be exercisable, for 24 months following closing, at a price and on terms to be determined in the context of the market. Closing is expected to take place on or about June 9, 2008.
Proceeds of the placement will augment the proceeds from the Company's recent public offering. The combined proceeds will be used to expand MedX's distribution network; support its marketing program; continue development of new dental, rehabilitation and wound care products; undertake research and development for wound care products; to partially repay term debt; and for working capital purposes.
Research Capital Corporation has been retained as agent for the placement, and will be paid cash fees and warrants for its services.
"These additional funds will further accelerate our product development and international marketing program," said Steve Guillen, President & Director of MedX.
About MedX Health Corp.
MedX is a leading North American developer, manufacturer and distributor of phototherapy medical devices, including dental, rehabilitation and wound-care products. MedX products are U.S. FDA cleared and Health Canada licensed and are used by practitioners in clinics, academic facilities, and hospitals, as well as by professional athletes and sports teams, to improve quality of life through accelerating healing and reducing pain. MedX plans to accelerate the development of a new product aimed at the rapidly-growing wound care market: its "Photobandage", a bandage technology that allows a wound to be bathed in light, designed to enhance the healing process. The Company intends to license this new technology to one or more major wound care companies for further development, marketing and sales.
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or accuracy of this press release.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking information may include statements regarding the Company's future plans, objectives, performance, growth, profits, operating expenses or its underlying assumptions. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "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 information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of MedX to be materially different from those expressed or implied by such forward-looking information, including uncertainty of successful development of new products, uncertainty of successful manufacturing or marketing of products, uncertainty of commercial acceptance of products, uncertainty concerning governmental regulation, dependency on key employees and relationships, rapid technological changes, foreign currency fluctuations. MedX does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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