MedX Health Corp. (TSX-V:MDX) has closed the first tranche of a non-brokered private placement, issuing five convertible notes and raising a total of $250,000.
The Ontario-based company said the placement is part of its up to 80 Series III Convertible Loan Notes to raise up to $4 million, announced at the end of June 2022.
Each of the Series III Convertible Notes has a face value of $50,000 and will bear interest at 8% per year, payable half-yearly, and maturing on December 31, 2026.
The notes may be converted into units at $0.07 per unit at any time until the maturity date.
READ: MedX Health announces $4M non-brokered private placement of Series III Convertible Loan Notes and grant of stock options
MedX Health said it paid cash commissions of $8,000 to qualified agents involved in the closing of the first tranche.
“Further closings, which are anticipated over the course of the next few days, will be subject to receipt of subscriptions and a number of other conditions, including, without limitation, the receipt of all relevant regulatory and stock exchange approvals or acceptances,” it said.
Securities issued on closing will be subject to a four-month restriction from trading in accordance with relevant regulatory and stock exchange policies.
MedX Health also said it will apply to the TSX Venture Exchange (TSXV) to extend the expiration date of a series of warrants issued on July 31, 2020 in connection with a private placement completed at that time.
Subject to, and conditional upon the TSXV’s acceptance, the company will extend the expiration dates of a total of 2.6 million share purchase warrants from their original date of July 31, 2022, to December 31, 2023.
Each of the warrants is exercisable to purchase one common share from the company’s treasury at $0.20 each.
MedX Health is a medical device and software company focused on skin health with its SIAscopy on DermSecure telemedicine platform, utilizing its SIAscopy technology.
Contact the author at jon.hopkins@proactiveinvestors.com