MedX Health Corp. (TSX-V:MDX) has announced a non-brokered private placement of up to 80 Series III Convertible Loan Notes to raise up to $4 million.
The company said each of the Series III Convertible Notes has a face value of $50,000 and would bear interest at 8% per year, payable half-yearly, and will mature on December 31, 2026.
The notes may be converted into units at $0.07 per unit at any time until the maturity date.
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Each unit comprises one share and one-half of a share purchase warrant that the holder can exercise to purchase a further share at the price of $0.11 prior to the maturity date.
The company said it would have the right to force the redemption of any note then outstanding, on the date 30 days after the date of the notice, exercisable anytime after January 1, 2025, provided the company’s shares have closed at $0.30 or above for 30 consecutive trading days immediately preceding the date of the notice exercising the right.
Further, qualified agents may receive commissions in respect of subscriptions introduced by them by way of cash equal to 8% of funds introduced or the issuance of agent’s warrants.
MedX also announced that it has granted a total of 8,850,000 options to management, employees, and consultants.
Of these options, 4,425,000 vest immediately with the balance vesting in 12 months. All the foregoing options are exercisable at $0.10 and expire five years from the effective date.
Headquartered in Ontario, Canada, MedX Health is a medical device and software company focused on skin health with its SIAscopy on DermSecure telemedicine platform, utilizing its SIAscopy technology.
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