HALIFAX, June 17 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR,
NASDAQ: MMIRF) the global market leader in premium rapid diagnostic solutions,
announced today that it has completed the draw down against its equity line of
credit with YA Global Investments which was announced on June 10, 2008.
Under the terms of the equity line, YA Global Investments has purchased
554,663 common shares from MedMira at an average price of $0.1887 which is
based on the daily volume weighted average price ("VWAP") over the 10 day
pricing period of June 3, 2008 to June 16, 2008 for net proceeds of $104,650.
Proceeds from this draw down will be applied as a principal payment against
the convertible debenture from YA Global, entered into on May 23, 2008. The
issuance of MedMira common shares with respect to this draw down is subject to
the approval of the TSX Venture Exchange.
MedMira is a leading developer and manufacturer of flow-through rapid
diagnostics. The company's tests provide hospitals, labs, clinics and
individuals around the world with reliable, rapid diagnosis for diseases such
as HIV and hepatitis C in just three minutes. The company's tests are sold
under the Reveal(R), MiraWell(R), MiraCare(TM) and Multiplo(TM) brands in
global markets. MedMira's rapid HIV test is the only one in the world to
achieve regulatory approvals in Canada, the United States, China and the
The company's corporate offices and manufacturing facilities are located
in Halifax, Nova Scotia, Canada with a representative office in China. For
more information visit MedMira's website at www.medmira.com.
This news release contains forward-looking statements, which involve risk
and uncertainties and reflect the company's current expectation regarding
future events. Actual events could materially differ from those projected
herein and depend on a number of factors including, but not limited to,
changing market conditions, successful and timely completion of clinical
studies, uncertainties related to the regulatory approval process,
establishment of corporate alliances and other risks detailed from time to
time in the company quarterly filings.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this statement.
For further information:
For further information: Dr. James Smith, Investor Relations, (902)