Non-brokered deal offers units with whole warrants at C$0.25 per unit
By Devika Patel
Knoxville, Tenn., Jan. 27 – LED Medical Diagnostics Inc. said it has arranged a C$2.5 million non-brokered private placement of units.
The company will sell 10 million units of one common share and one warrant at C$0.25 per unit.
Each warrant is exercisable at C$0.25 for two years. The strike price is a 3.85% discount to C$0.26, the Jan. 26 closing share price.
Proceeds will be used for product development, to replenish imaging product inventory and for other 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.
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| Issue: | Units of one common share and one warrant
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| Amount: | C$2.5 million
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| Units: | 10 million
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| Price: | C$0.25
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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$0.25
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| Agent: | Non-brokered
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| Pricing date: | Jan. 27
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| Stock symbol: | TSX Venture: LMD
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| Stock price: | C$0.26 at close Jan. 26
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| Market capitalization: | C$19.85 million
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