Mr. Mike Druhan reports
MEDX ANNOUNCES FURTHER CLOSING OF NON-BROKERED PRIVATE PLACEMENT
MedX Health Corp., further to its news release dated April 7, 2025, announcing an initial closing, has completed a further closing of the non-brokered private placement to accredited investors originally announced in its news release dated Feb. 25, 2025. The further closing comprised the issuance of 7.3 million units (as described below) and raised cash proceeds of $511,000, bringing the total amount raised so far to $1,456,000. Securities issued are subject to a regulatory hold period of four months and one day from the date of issuance. Further closings of the placement will be subject to receipt of further subscriptions and a number of other conditions, including, without limitation, the receipt of all relevant regulatory and stock exchange approvals or acceptances. Under this non-brokered private placement, the company intends issue of up to a maximum of 35,714,858 units at seven cents per unit to raise a maximum amount of $2.5-million. Each unit comprises one fully paid common share and one share purchase warrant, exercisable to purchase one further common share at the price of nine cents, during the period of one year commencing on the date of issuance. It is anticipated that, subject to compliance with relevant regulatory provisions, certain insiders may participate in this placement at a subsequent closing, though to not more than 25 per cent of the total funds raised. Qualified agents will receive a cash commission equal to 8 per cent of the gross proceeds received by the company from the sale of the units to subscribers introduced by such agents and agents' warrants equal to 8 per cent of subscriptions introduced by such agents. Each agent's warrant, which will be non-transferable, will entitle the holder to acquire, at the price of seven cents, a unit, comprising one fully paid common share and one non-transferable share purchase warrant, entitling the holder to acquire one additional common share at the price of nine cents. The agents' warrants and any agents' share purchase warrants that may be issued pursuant to exercise of an agent's warrant, if not exercised, will expire one year following the date of issuance.
Funds raised in this placement will be directed toward continuing development of the company's leading edge SIAscopy on DermSecure telemedicine platform, building out the launch of its technology into the occupational health marketplace and general corporate purposes.
About MedX Health Corp.
MedX, headquartered in Ontario, Canada, is a leading medical device and software company focused on skin health with its SIAscopy on DermSecure telemedicine platform, utilizing its SIAscopy technology. SIAscopy is also imbedded in its products Siametrics, Simsys and MoleMate, which MedX manufactures in its ISO 13485-certified facility. Siametrics, Simsys and MoleMate include hand-held devices that use patented technology utilizing light and its remittance to view up to two millimetres beneath suspicious moles and lesions in a pain-free, non-invasive manner, with its software then creating real-time images for physicians and dermatologists to evaluate all types of moles or lesions within seconds. These products are cleared by Health Canada, the U.S. Food and Drug Administration, the Therapeutic Goods Administration and Conformite Europeenne for use in Canada, the United States, Australia, New Zealand, the European Union and Turkey.
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