HALIFAX, March 27, 2015 /CNW/ - MedMira Inc. (TSXV: MIR) has closed the CAD $1.1 million equity investment with OnSite Lab Holding AG (OnSite Lab). The transaction, announced on March 25, 2015, was finalized today. OnSite Lab is the Company's largest and controlling shareholder and has made previous investments in MedMira totaling CAD $17.6 million.
Under the terms of the deal, OnSite Lab acquired 22,000,000 equity units at $0.05 per unit. Each equity unit consists of one common share and one common share purchase warrant and is subject to a four month hold period which expires on July 28, 2015. Each full warrant entitles the investor to purchase one common share of MedMira at $0.10 per share exercisable over four years. Under the terms of this transaction, Onsite Lab will increase its ownership of MedMira common shares from 65.6% to 67.0%. This could increase to 68.3% if all warrants related to this transaction are exercised.
MedMira is a leading developer and manufacturer of vertical flow rapid diagnostics. The Company's tests provide hospitals, labs, clinics and individuals with instant diagnosis for diseases such as HIV and hepatitis C in just three easy steps. The Company's tests are sold under the Reveal®, Multiplo™ and Miriad™ brands in global markets. Based on its patented Rapid Vertical Flow Technology™, MedMira's rapid vertical flow HIV test is the only one in the world to achieve regulatory approvals in Canada, the United States, China and the European Union. MedMira's corporate offices and manufacturing facilities are located in Halifax, Nova Scotia, Canada. For more information visit medmira.com. Follow us on Twitter and LinkedIn.
This news release contains forward-looking statements, which involve risk and uncertainties and reflect the Company's current expectation regarding future events including statements regarding possible approval and launch of new products, future growth, and new business opportunities. 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE MedMira Inc.
For further information: MedMira Contact: Andrea Young, Corporate Communications, T. 902-450-1588, E. email@example.com