New York, Aug. 15 - MDX Medical Inc. said it completed its previously announced private placement at a size of C$1.725 million, reflecting the earlier increase to C$1.5 million from C$1.0 million and the exercise of the greenshoe.
The company will now sell 23 million units at C$0.075 each including 3 million units from the greenshoe.
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$1.725 million
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Greenshoe: | For up to 15% of financing
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Units: | 23 million (includes greenshoe)
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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
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Upsized: | July 27
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Settlement: | Aug. 15
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Stock price: | C$0.075 at close July 5
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Stock price: | C$0.08 at close July 27
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Stock price: | C$0.08 at close Aug. 15
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