TORONTO, Sept 28,2015 /CNW/ - Medifocus Inc. (TSX VENTURE:MFS) (OTCQX:MDFZF) ("Medifocus" or the "Company") announces, subject to regulatory approval, a non-brokered private placement of up to 500 units (the "Units") at a price of U.S. $10,000 per Unit for anticipated gross proceeds of up to U.S. $5,000,000 (the Offering). Each Unit is comprised of 200,000 common shares of the Company, and 100,000 Series F Common Share purchase warrants. Each Series F Common Share purchase warrant entitles the holder to purchase one additional Common Share at a price of U.S. $0.10 for a period of 24 months following the completion of the Offering. If, at any time prior to the warrants' expiration date, the daily volume weighted average trading price of the Common Shares exceeds U.S. $0.20 on the OTCQX in the United States, or its equivalent in Canadian dollars on the TSX Venture Exchange in Canada for at least 10 consecutive trading days, Medifocus may, within 30 days of such occurrence, give an expiry acceleration notice to the holders of warrants and, if it does so, the warrants will, unless exercised, expire on the 30th day after the expiry acceleration notice is given. Medifocus may pay finder's fees equal to 7% of the gross proceeds.
The proceeds of this Offering will be primarily used to expand the reach of Prolieve and for general working capital.
About Medifocus, Inc.:
Medifocus owns two fully developed technology platforms with comprehensive United States and international patent protection: (i) The Endo-thermotherapy Platform- a catheter-basis focused heat technology platform which utilizes natural body openings to deliver precise microwave thermotherapy to the diseased sites. The United States Food and Drugs Administration (FDA) approved Prolieve Thermodilatation System for the treatment of Benign Prostatic Hyperplasia (BPH) was developed based on the Endo-thermotherapy and is currently generating revenue; and (ii) the Adaptive Phased Array (APA) Microwave Focusing Platform, invented by the Massachusetts Institute of Technology, licensed to Medifocus directs precisely focused microwave energy at tumor center to induce shrinkage or eradication of tumors without undue harm to surrounding tissue. Medifocus' APA 1000 Breast Cancer Treatment System, developed from the APA technology platform, has received approval from the FDA and Health Canada to conduct the pivotal Phase III clinical trials. Medifocus believes that these two technology platforms can provide the design basis for the development of multiple cancer treatment systems for surface, subsurface and deep seated localized and regional cancers.
www.medifocusinc.com, www.prolieve.com and //www.facebook.com/pages/Medifocus-Inc-Company-Page/546315028715627 for more details.
This news release contains "forward-looking statements" and "forward-looking information", which may not be based on historical facts. Forward-looking statements and forward-looking information, include, but are not limited to, information and statements with respect to the benefit to Medifocus' future growth resulting from the acquisition of additional intellectual property rights, additional treatment possibilities and the expectation that sales from Prolieve® may accelerate as a consequence. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made. Such forward-looking statements and forward-looking information involve known and unknown risks, uncertainties and other factors that may cause the actual results events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements or forward-looking information. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements and forward-looking information. Except as required by applicable securities laws, the Company disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any of the forward-looking statements or forward-looking information contained herein to reflect future results, events or developments.
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 release.
SOURCE Medifocus Inc.