Offering finances company's operations, business development
By Devika Patel
Knoxville, Tenn., June 6 - MedMira Inc. said it has arranged a C$6 million private placement of units with investor Andurja Beteiligungen AG.
The company will sell 120 million units of one common share and one warrant at C$0.05 per unit. Each four-year warrant will be exercisable at C$0.10, a 150% premium to the June 5 closing share price of C$0.04.
Proceeds will be used for financial operations and to advance global business development, sales and marketing initiatives.
"Andurja continues to demonstrate its commitment to MedMira and shares our confidence in the Company's growth strategy," chief executive officer Hermes Chan said in a press release.
"This is a significant cash infusion and will be instrumental in taking a number of MedMira's current business development, sales and marketing programs to the next level.
"Previous investments have enabled the company to achieve success in a number of key areas, including the establishment of a strategic partnership program which extends our business development reach around the globe. Additionally, MedMira continues to raise its profile within organizations such as the Bill & Melinda Gates Foundation and various United Nations agencies, and is increasing awareness of its technology and products in niche markets, like the defense sector.
"This latest investment from Andurja will make it possible to bolster our activities in these areas as well as initiate market development in other high growth diagnostic sectors," Chan said.
Andurja made previous investments in MedMira of C$2 million in 2009, C$1 million in 2010, C$1.5 million in 2011 and C$1 million in January.
MedMira, based in Halifax, N.S., manufactures and markets in vitro flow-through rapid diagnostic tests.
| Issuer: | MedMira Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$6 million
|
| Units: | 120 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Four years
|
| Warrant strike price: | C$0.10
|
| Investor: | Andurja Beteiligungen AG
|
| Pricing date: | June 6
|
| Stock symbol: | TSX Venture: MIR
|
| Stock price: | C$0.04 at close June 5
|
| Market capitalization: | C$10.89 million
|
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