HALIFAX, Jan. 31, 2012 /CNW/ - MedMira Inc., (MedMira) (TSXV: MIR), a
developer and marketer of rapid diagnostic technology and solutions,
today announced that it has entered into an agreement with Andurja
Beteiligungen AG (Andurja), a Swiss company based in Lucerne,
Switzerland, for a CAD $1 million equity investment to be used for
operations and further debt reduction.
Andurja previously invested CAD $2 million in the Company in 2009, CAD
$1 million in 2010, and CAD $1.5 million in 2011. Andurja is the
controlling and majority shareholder of MedMira's strategic partner
Under the terms of the agreement Andurja will acquire 20,000,000 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 ending June 1, 2012. Each full warrant entitles Andurja to
purchase one common share of MedMira at $0.10 per share exercisable
over four years. Under the terms of this transaction, Andurja will
increase its ownership of MedMira common shares from 35.7% to 40.5% and
this could increase to 44.5% if all warrants related to this
transaction are exercised. If all warrants held by Andurja from prior
transactions were also exercised, Andurja's ownership would be 56.7%.
This agreement has received conditional approval and is subject to final
approval of the TSX Venture Exchange.
MedMira is a leading developer and manufacturer of flow-through rapid
diagnostics and technologies. The Company's tests provide hospitals,
labs, clinics and individuals with reliable, rapid diagnosis of
infectious diseases. MedMira diagnostics are sold under the Reveal®,
MiraWell®, Multiplo™, and Miriad brands in global markets. MedMira's
rapid HIV test is the only rapid HIV test 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's website at www.medmira.com.
This news release contains forward-looking statements, including
statements regarding development of sales opportunities, 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.
SOURCE MEDMIRA INC.
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