MISSISSAUGA, ON, Oct. 29, 2013 /CNW/ - MedX Health Corp. (TSX-V - MDX), announces that it has entered into agreements to settle a total of
$1,779,933 of debt owed to certain trade creditors, general creditors
and insider creditors, subject to all relevant consents and approvals.
Under the Debt Settlement Agreements, a total of $179,708 of trade debt
will be settled by issuance of 898,812 shares issued at $0.20 per
share, $1,164,620 of debt due to general creditors will be settled by
issuance of 11,646,204 units at $0.10 per unit, and $435,603 of debt
due to insider creditors will be settled by issuance of 1,742,415
shares at $0.25 per share. Each of the units proposed to be issued to
general creditors will be comprised of one fully paid common share and
one-half of a share purchase warrant; each whole warrant will be
exercisable to purchase one common share at $0.20 per share for the
period to December 31, 2014, and at $0.30 from January 1, 2015 to
December 31, 2015. Regulatory and other consents will include approval
from the TSX Venture Exchange and, in relation to shares issuable to
insiders, approval of shareholders (excluding votes of shares owned by
the relevant insiders).
Additionally, the Company is pleased to announce that it is proposing,
subject to all relevant consents and approvals, including in
particular, but not limited to approval from the TSX Venture Exchange,
to raise $150,000 by issuance of 15 units as follows.
(a) Each Unit comprises one "designated" Unsecured Convertible
Redeemable Loan Note("Loan Note(s)") with a face value of $10,000 and
one "designated" detachable, share purchase warrant ("Warrant(s)");
(b) Each Loan Note will bear interest at ten per cent (10%), payable at
the end of each calendar quarter while it is outstanding;
(c) The Conversion price for each Loan Note is $0.10, thus 100,000 fully
paid common shares for each Loan Note on full conversion;
(d) Each Warrant entitles the holder to purchase up to 100,000
additional common shares at $0.20 per share; exercise period is
directly linked to expire on the date that is nine months after the
maturity date of the respective Loan Note to which the warrant was
originally attached; the Warrant expiration date is not changed in the
event of earlier redemption or conversion of the originally attached
(e) The Company may give notice to redeem any of the Loan Notes prior to
its maturity date, without any obligation to designate the Loan Note to
be redeemed in any particular order - i.e. the Company can elect to
redeem later maturing Notes if it wants to, and does not have to redeem
earlier maturing Notes first;
(f) Each Unit, and the underlying Loan Note and Warrant will be
designated by a letter, from "A" to "O" Note "A" will mature on March
31, 2014, and subsequent Notes will expire sequentially on the last day
of each month for fourteen months commencing April 30, 2014.
MedX presently has 44,966,291 common shares issued and outstanding.
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
SIMSYS™ and MoleMate™ in June, 2011. For a complete profile of MedX
Health Corp. and its products visit www.medxhealth.com.
About SIMSYS™ and MoleMate™ Skin Cancer Imaging
SIMSYS™ and MoleMate™ received approval from Health Canada, and are
available for all Canadian physicians and dermatologist. SIMSYS™ and
MoleMate™ is also FDA approved for use in the USA and is currently
under review for CE approval for use in Europe, the UK, and Australia.
For more information log onto: www.simsys-molemate.com and click on
'See More', and see approximately 2mm below the surface of suspicious
moles and lesions with additional information and images related to
every mole and lesions associated with all types of melanomas and
non-melanomas. SIMSYS™ and MoleMate™ is an optical biopsy that uses
patented technology that features a hand-held scanner device designed
for clinical office use that utilizes light to view beneath suspicious
moles or lesions in a pain free, non-invasive manner, creating images
in real-time for physicians and dermatologist to evaluate all types of
moles or lesions within seconds, providing images that can reveal if a
mole or lesion is benign, or something more serious, often eliminating
the need for skin biopsies, resulting in less pain, scarring, and
expense. Physicians and dermatologist interested in learning more
should contact MedX Health Corp. or log onto 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 forward looking
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 / Chief Executive Officer
MedX Health Corp.
Phone: (905) 670-4428