Offering to finance sales and marketing, product launches and growth
By Devika Patel
Knoxville, Tenn., March 25 – MedMira Inc. said it has arranged a C$1.1 million private placement of units with OnSite Lab Holding AG.
The company will sell 22 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 March 24 closing share price of C$0.04.
Proceeds will be used for sales and marketing, product launches and growth.
MedMira, based in Halifax, N.S., manufactures and markets in vitro flow-through rapid diagnostic tests.
Issuer: | MedMira Inc.
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Issue: | Units of one common share and one warrant
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Amount: | C$1.1 million
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Units: | 22 million
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Price: | C$0.05
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Warrants: | One warrant per unit
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Warrant expiration: | Four years
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Warrant strike price: | C$0.10
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Investor: | OnSite Lab Holding AG
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Pricing date: | March 25
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Stock symbol: | TSX Venture: MIR
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Stock price: | C$0.04 at close March 24
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Market capitalization: | C$24.14 million
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