By Jennifer Chiou
New York, Oct. 8 - MedMira Inc. said it will take in C$2 million in an equity investment from Andurja AG.
Under the terms of the placement, Lucerne, Switzerland-based Andurja will acquire 40 million equity units at C$0.05 per unit.
Each unit consists of one common share and one common share purchase warrant exercisable for a period of three years from the closing date.
Each warrant entitles Andurja to purchase one common share of MedMira at C$0.06 for the first year and at C$0.10 for the next two years.
Under the terms of the transaction, Andurja will become a 19.85% shareholder of MedMira. The company added that this could increase to 33.13% if all warrants are exercised.
Also, Andurja has the right to nominate one director to the board of MedMira.
The transaction is subject to a vote by disinterested shareholders via written consent. TSX approval is also required.
Andurja is a privately owned investment company that is wholly owned by Urs Meile. It is the controlling and majority shareholder of Vitest AG, MedMira's strategic partner leading business development initiatives for Europe and Africa.
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$2 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.06 for first year; C$0.10 for next two years
|
| Investor: | Andurja AG
|
| Announcement date: | Oct. 8
|
| Stock symbol: | TSX Venture: MIR
|
| Stock price: | C$0.06 at close Oct. 8
|
| Market capitalization: | C$6.94 million
|
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