By Sheri Kasprzak
New York, March 6 - MedMira Inc. said it has completed a C$6.5 million private placement with Morningside Group.
Morningside agreed to buy 10,833,333 units at C$0.60 apiece.
Each unit includes one share and one half-share warrant. The full warrants are exercisable for an additional share at C$0.69 each for two years.
The units were sold for cash and for the retirement of a US$775,000 promissory note.
Following the offering, MedMira will hold 19% of MedMira's stock.
Proceeds will be used for the company's brand of over-the-counter HIV tests. The rest will be used to bring its Maple Biosciences technology to market.
Based in Halifax, N.S., MedMira develops diagnostic tests.
| Issuer: | MedMira Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$6.5 million
|
| Units: | 10,833,333
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| Price: | C$0.60
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.69
|
| Investor: | Morningside Group
|
| Settlement date: | March 6
|
| Stock symbol: | TSX Venture: MIR
|
| Stock price: | C$0.62 at close March 3
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