MedX Health Corp (CVE:MDX) has announced the closure of an agreement to redeem an existing $500,000 secured loan through a non-brokered private placement of 10 convertible debenture loan notes, each valued at $50,000.
The $50,000 notes will be held by the same accredited investor.
In February, the Ontario-based medical device and software firm specializing in skin conditions issued similar notes that gather 6% annual interest, payable quarterly.
READ: MedX Health reports 1Q revenue increase year-over-year on higher sales of SIAscope device and telemedicine platform DermSecure
Each unit consists of one common share and 1.5 of a share purchase warrant, entitling the holder to purchase another common share priced at $0.20. The purchase warrant will expire at the end of the maturity period, December 31, 2023.
MedX has also finalized a previously announced non-brokered private placement of 5.5 million units at $0.18 each. The placement grossed just over $1 million for the company’s treasury.
The Canadian company offers a telemedicine platform, utilizing its SIAscopy technology. This proprietary innovation is also part of the company’s SIAMETRICS system, a well-regarded research tool used to assess treatment effectiveness of a variety of skin conditions, including burns.
Both of the private placements are subject to approval by the TSX Venture Exchange.
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