Mr. Mike Druhan reports
MEDX ANNOUNCES FINAL CLOSING OF NON-BROKERED PRIVATE PLACEMENT
MedX Health Corp., further to its news releases dated April 7, 2025, and May 22, 2025, announcing an initial closing and further closing, has completed a final closing of the non-brokered private placement to accredited investors originally announced in its news release dated Feb. 25, 2025. The final closing comprised the issuance of 8,678,571 units (as described below) and raised cash proceeds of $607,500, bringing the total amount raised in the placement to $2,063,500. Securities issued are subject to a regulatory hold period of four months and one day from the date of issuance. Under this non-brokered private placement, the company issued a total of 29,478,571 units at seven cents per unit. 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. Three insiders participated in this placement to the extent of $500,000, for the acquisition of a total of 7,142,857 units. In connection with the issuance of units to those insiders, the company relies on exemptions from formal valuation and minority shareholder approval requirements set out in Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, as: (i) the fair market value of the proposed placement to the insiders does not exceed 25 per cent of the market capitalization of the company; and (ii) the conditions in Section 5.7(1)(a), Section 5.7(1)(b) and Section 5.7(1)(e) of MI 61-101 are met.
Qualified agents received total cash commissions of $15,880 (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 226,857 agents' warrants (equal to 8 per cent of subscriptions introduced by such agents). Each agent's warrant, which is non-transferable, entitles 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 agent's warrants and any agent's 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 are being 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 MoleMat, 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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