Company sells 500 units of 200,000 common shares and 100,000 warrants
By Devika Patel
Knoxville, Tenn., Dec. 14– Medifocus Inc. said it raised $785,000 in the first tranche of a $5 million non-brokered private placement of units. The deal priced on Sept. 28.
The company is selling 500 units of 200,000 common shares and 100,000 warrants at $10,000 per unit. Each warrant will be exercisable at $0.10 for two years.
Medifocus sold 78.5 units in the initial tranche. The company has extended the offering and expects to close the balance in the first quarter of 2016.
Proceeds will be used to expand the reach of Prolieve and for general working capital.
The medical system and device company is based in Toronto.
| Issuer: | Medifocus Inc.
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| Issue: | Units of 200,000 common shares and 100,000 warrants
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| Amount: | $5 million
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| Units: | 500
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| Price: | $10,000
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| Warrants: | 100,000 warrants per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | $0.10
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| Agent: | Non-brokered
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| Pricing date: | Sept. 28
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| Settlement date: | Dec. 14 (for $785,000)
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| Stock symbol: | TSX Venture: MFS
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| Stock price: | C$0.06 at close Sept. 25
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| Market capitalization: | C$9.15 million
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