Predictmedix Inc. (CSE:PMED, OTCQB:PMEDF) has announced the closing of its previously announced private placement which saw the issue of 10,510,000 units at a price of $0.10 per unit to investors for gross proceeds of $1,051,000.
Each unit consists of one common share of the company and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share for a period of two years from closing at an exercise price of $0.15 per share.
The net proceeds from the private placement will be primarily allocated towards general operations, focusing on working capital requirements, which include essential aspects such as business development and technology upgrades.
In a statement, Dr Rahul Kushwah, COO of Predictmedix commented: "We are thrilled to have successfully concluded our private placement, which highlights the confidence and support we have received from our investors. This additional capital will fuel our ongoing efforts to revolutionize health screening through the power of artificial intelligence.
“With these funds, we will further develop our technology, expand our operations, and drive business growth. We remain committed to delivering cutting-edge solutions that prioritize public health and safety while providing tangible value to our customers and stakeholders.”
The funding infusion will enable Predictmedix to expand its operations, invest in research and development, and enhance its product offerings, ultimately strengthening its position as a leading provider of AI-driven health screening solutions.
Predictmedix is an emerging provider of rapid health screening and remote patient care solutions globally. The company's Safe Entry Stations - powered by a proprietary artificial intelligence (AI) - use multispectral cameras to analyze physiological data patterns and predict a variety of health issues including infectious diseases such as COVID-19, impairment by drugs or alcohol, fatigue or various mental illnesses.
Contact the author at jon.hopkins@proactiveinvestors.com