By Sheri Kasprzak
New York, July 28 - MDX Medical Inc. said it has increased the size of its previously announced private placement to C$1.5 million from C$1.0 million.
The company will now sell 20 million units at C$0.075 each.
The units include one share and one warrant. The warrants allow for the purchase of an additional share at C$0.125 each for the first year and at C$0.20 each for the second year.
The deal was first announced July 5 as a C$1 million offering of 13,333,333 units under the same terms.
Placement agent First Associates Inc. has an over-allotment option for up to 15% of the financing.
Based in Vancouver, B.C., MDX is a biotechnology company focused on medical devices used in diagnosing and treating cancer and other disorders.
| Issuer: | MDX Medical Inc.
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| Issue: | Units of one share and one warrant
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| Amount: | C$1.5 million
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| Greenshoe: | For up to 15% of financing
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| Units: | 20 million
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| Price: | C$0.075
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| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.125 for first year; C$0.20 for second year
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| Placement agent: | First Associates Investments Inc.
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| Pricing date: | July 5
|
| Upsized: | July 27
|
| Stock price: | C$0.075 at close July 5
|
| Stock price: | C$0.08 at close July 27
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