QUEBEC CITY, Jan. 13 /CNW/ - Medical Intelligence Technologies Inc.
(TSX-V : MIZ) (the "Corporation"), a provider of innovative monitoring
solutions for the mobile telecare industry, today announces the closing of
simultaneous private placements financing, being a private placement financing
of common shares of the Corporation issued at a price of 2 cents per share for
gross proceeds of $220,000 and a private placement financing of unsecured
convertible debentures convertible into common shares of the Corporation for
gross proceeds of $700,000.
The convertible debentures bear an annual interest rate of 19% and mature
on January 13, 2011. The capital amount owed will be payable on maturity and
interest will be compounded and payable semi-annually on July 13 and January
13 of each year, or on the 1st business day following each of these dates, the
first interest installment being payable on July 13, 2009 and representing
interest accrued on the debentures over the period beginning on January 13,
2009 and ending on July 13, 2009. The capital amount owed under the debentures
will be convertible, at the sole discretion of the debenture holders, from
January 13, 2009, into common shares of the Corporation at an assumed
conversion rate of 8 cents per common share.
As part of the private placement financing of common shares of the
Corporation, the Corporation has entered into a Finder's Fee Agreement with
Canaccord Capital Corporation. Canaccord Capital Corporation has been
compensated with a commission of $4,000 under the agreement. That commission
payable in cash equal 8% of the gross proceeds raised from subscriptions of
common shares of the Corporation from persons introduced to the Corporation by
Canaccord Capital Corporation.
Under applicable laws, regulations and policies, the common shares, the
convertible debentures and the common shares underlying the conversion of said
debentures cannot be sold, transferred or otherwise traded by the holders of
said common shares and said debentures prior to May 14, 2009, being four (4)
months and a (1) day after the closing of the private placements.
About Medical Intelligence Technologies Inc.
Medical Intelligence is an early innovator in the mobile telecare
industry, providing solutions that integrate information and
telecommunications technologies. The Corporation design portable GPS
monitoring and locating devices that assist individuals with health or safety
concerns. Based in Quebec City, the Corporation also has subsidiaries in
France, Spain and the United Kingdom (Medical Mobile) where it commercializes
its four solutions: the Columba GPS Bracelet; the Vega GPS Bracelet; the
PERSmobile GPS Emergency System, and Urgentys GPS Lone Worker. For further
information, visit www.medicalintelligence.ca or www.medicalmobile.com.
Any statement in this press release that does not relate directly and
exclusively to historical facts can be considered a forward-looking statement.
Such statements reflect the intentions, plans, expectations and beliefs of
Medical Intelligence Technologies, and are subject to risks, uncertainties and
other factors that are largely beyond the Corporation's control, to the extent
that actual results may differ significantly from those contemplated by such
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Media Relations: Jean Brouillard, Jean
Brouillard Communications and Public Relations, (418) 682-6111,
email@example.com; Investor Relations: Jeremy Mackenzie Lee, The Equicom
Group Inc., (514) 844-6054, firstname.lastname@example.org