NIR Diagnostics enters financing agreement

    TSX Venture: NID

    CAMPBELLVILLE, ON, March 12 /CNW/ - NIR Diagnostics Inc. (TSX Venture:
NID), a leading-edge developer of handheld spectroscopy based medical
instruments, today announced it has entered into a financing agreement with
Wolverton Securities Ltd. as the lead agent for a brokered private placement.
Subject to regulatory approval and upon completion of the transaction, the
Company may issue, on a commercially reasonable basis, up to 4,250,000 units
at a price of $0.20 per unit for gross proceeds of up to $850,000. The
agreement provides for an over-allotment option of 15% of the financing. Each
unit will consist of one common share and one non-transferable share purchase
warrant. Each share purchase warrant will be exercisable into one common share
for a period of 24 months from closing at an exercise price of $0.30 per
    In consideration for the services provided, a marketing commission of 7%
of the gross proceeds will be payable to Wolverton at the closing of the
financing. Wolverton will also be issued broker warrants equal to 15% of the
number of units subscribed for, exercisable at the offering price for a period
of 24 months from closing.

    About NIR Diagnostics
    NIR Diagnostics is a leader in the development of near-infrared
spectroscopic medical diagnostics. The Company has an extensive portfolio of
optical, electronic and algorithm related patents in the field of in-vitro and
in-vivo blood analysis.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.

For further information:

For further information: Duncan MacIntyre, President, CEO and Executive
Vice Chairman, NIR Diagnostics Inc., (905) 854-5727, (905) 854-5729 Fax,
E-mail:, Internet:; Ross
Marshall, Investor Relations, (416) 815-0700 ext. 238, (416) 815-0080 Fax,
E-mail:, Internet:

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