MedX Health Corp. Plans Private Placement To Raise up to $1,500,000 And Significant Debt Settlement
MISSISSAUGA, ON, Sept. 19, 2012 /CNW/ - MedX Health Corp. (TSXV - MDX) announces that it is planning a private placement, to accredited investors only, of up to 15,000,000 common shares at $0.10 per share, to raise up to a maximum of $1,500,000, subject to relevant regulatory and other consents and approvals. The funds anticipated to be raised by this private placement will be allocated towards expansion of the marketing of its SIMSYS™ and MoleMate™ product lines, development of new marketing initiatives for existing product lines and acquisition of new product-line opportunities and general corporate expenses.
During the past six months the Company has been able to negotiate significant debt settlement arrangements with certain insiders, and at the forthcoming Annual and Special Meeting scheduled for October 4, 2012, shareholders will be asked to approve a debt settlement of $1,313,031 in consideration of issuance of 3,209,633 common shares (an average price of $0.41 per share) for which approval from the TSXV has already been obtained conditional, among other things, on an approval vote by a majority of disinterested shareholders. A further round of settlement agreements is presently being negotiated to settle up to $1,055,000 by issuance of up to 4,220,000 shares (a price of $0.25 per share), subject to all relevant regulatory and other approvals. Any shares issued pursuant to such debt settlements will be subject to a hold period of four months and one day from the date of issuance.
Prior to any of the foregoing share issuances, the Company presently has 36,341,513 common shares issued and outstanding.
About MedX Health Corp.
MedX is a twelve (12) year old Canadian company, headquartered in Mississauga, Ontario (Toronto), and is a global leader in the design, manufacturing and distribution of quality low level laser and light therapy technologies for use in numerous medical settings, including rehab/chiropractic, dental, wound care, and veterinary medicine, providing patients with drug free and non-invasive treatment of tissue damage and pain. MedX laser and light products are FDA approved, Health Canada cleared, and CE Mark approved for use in North America as well as the European Union. MedX Health acquired the worldwide assets of MoleMate™ in June, 2011. For a complete profile of MedX Health Corp. and its products visit www.medxhealth.com.
About MoleMate™ Imaging and Skin Cancer
MoleMate™ recently received approval from Health Canada, and is immediately available and in stock for all Canadian physicians, joining their colleagues in Europe, the UK, Australia, and the US, who have been utilizing this new pain-free, non-invasive imaging system to 'See More', approximately 2mm below the surface of suspicious moles, and provide additional information and images related to every mole and all types of melanomas and non-melanomas. MoleMate™ uses a patented device and technology that features a hand-held scanner designed for office use that utilizes light to view beneath suspicious moles or lesions in a pain free, non-invasive manner, creating images for physicians to evaluate all types of moles and lesions within seconds, providing images that can reveal if a mole is benign, or something more serious, often eliminating the need for skin biopsies, resulting in less pain, scarring, and expense. Physicians interested in learning more should contact MedX Health Corp. at www.simsys-molemate.com.
This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of applicable Canadian securities legislation. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forwardlooking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE: MedX Health Corp.For further information:
Steve Guillen / President and Chief Executive Officer
MedX Health Corp. email@example.com
Phone: (905) 670-4428
CO: MedX Health Corp.