MISSISSAUGA, ON, Nov. 2, 2011 /CNW/ - MedX Health Corp., (TSXV.MDX) announced today they have closed on a non-brokered private placement of
$243,000. If the maximum investment of this convertible redeemable
note is converted at $0.10 in Year 1 and $0.25 in Year 2 this would
result in a maximum of 2,430,000 common shares of MedX Health Corp.
This convertible redeemable note pays 10% interest in arrears every six
months from the Closing Date. The interest will be paid in cash and
the maturity date is two (2) years from the Closing Date. The proceeds
from the financing will be used for general working capital purposes.
The number of fully diluted MedX Health Corp. shares outstanding is now
All securities issued in connection with this financing will be subject
to a four-month hold period which will expire March 2, 2012.
About MedX Health Corp.
MedX is a global leader in both a drug free, non-invasive low level
laser and light therapy for tissue repair and pain relief and skin
imaging technologies. MedX Health Corp. acquired the worldwide assets
of MoleMate (trademarks, IP, contracts) in June, 2011. MoleMate is a
non-invasive, pain-free skin imaging device which uses light to look
2mm below the surface of the skin, enabling physicians to quickly scan
suspicious moles, so they will be able to tell patients in an accurate
and timely manner whether treatment is required, or reassure them that
their mole is benign. MoleMate is FDA approved and is now available
for sale to physicians in the US.
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.
This press release contains "forward-looking information" within the
meaning of applicable Canadian securities legislation. Such
forward-looking information may include statements regarding the
Company's future plans, objectives, performance, growth, profits,
operating expenses or its underlying assumptions. Generally,
forward-looking information can be identified by the use of
forward-looking terminology such as "plans", "expects", or "does not
expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates", or "does not anticipate", or
"believes" or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might", or
"will be taken", "occur", or "be achieved". Forward-looking information
is subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance or
achievements of MedX to be materially different from those expressed or
implied by such forward-looking information, including uncertainty of
successful development of new products, uncertainty of successful
manufacturing or marketing of products, uncertainty of commercial
acceptance of products, uncertainty concerning governmental regulation,
dependency on key employees and relationships, rapid technological
changes, foreign currency fluctuations. MedX does not undertake to
update any forward-looking information, except in accordance with
applicable securities laws.
SOURCE MedX Health Corp.
For further information:
President and Chief Executive Officer
MedX Health Corp.
Phone: (905) 670-4428