Deal funds product development, inventory purchases, working capital
By Devika Patel
Knoxville, Tenn., Dec. 19 - LED Medical Diagnostics Inc. said it raised C$837,500 in the first tranche of a non-brokered expedited private placement of stock that is slated to raise about C$1 million.
The company is selling common shares at C$0.25 per share. The price per share represents a 7.41% discount to C$0.27, the Dec. 18 closing share price. In the first tranche, LED sold 3.35 million shares.
Proceeds will be used to support product development, to purchase inventory and for working capital purposes.
Based in Burnaby, B.C., LED develops and commercializes medical devices based on its imaging platform to aid in the detection and treatment of disease in human tissues.
| Issuer: | LED Medical Diagnostics Inc.
|
| Issue: | Common shares
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| Amount: | C$1 million (approximate)
|
| Price: | C$0.25
|
| Warrants: | No
|
| Agent: | Non-brokered
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| Settlement date: | Dec. 19 (for C$837,500)
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| Stock symbol: | TSX Venture: LMD
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| Stock price: | C$0.27 at close Dec. 18
|
| Market capitalization: | C$9.81 million
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