Mr. Mike Druhan reports
MEDX ANNOUNCES PROPOSED NON-BROKERED PRIVATE PLACEMENT TO RAISE UP TO $2,500,000 AND STOCK OPTION GRANTS
MedX Health Corp. is proposing to raise up to $2.5-million by way of a non-brokered private placement of up to 33,333,334 units at 7.5 cents per unit. Each unit will comprise one fully paid common share and one-half of a share purchase warrant, with each whole share purchase warrant being exercisable to purchase one further common share at the price of 10 cents, during the period of one year commencing on the date of issue. Closing of the placement, which may take place in tranches, will be subject to receipt of subscriptions for a minimum of $500,000 and a number of other conditions, including, without limitation, the receipt of all relevant regulatory and stock exchange approvals or acceptances. Funds raised on 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. It is anticipated that certain insiders may participate in this placement. Closing of the placement will be subject to all relevant TSX Venture Exchange or other approvals, and compliance with all applicable policies. 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 nine cents, a unit, comprising one fully paid common share and one-half of a non-transferable agent's share purchase warrant, with each whole agent's share purchase warrant entitling the holder to acquire one additional common share at the price of 10 cents. The agents' warrants and any agents' share purchase warrants that may be issued pursuant to the exercise of agents' warrants, if not exercised, will expire one year following the date of issuance of the original agents' warrants.
The company also announces that a total of 500,000 stock options have been granted pursuant to the company's incentive stock option plan to a consultant. The options are exercisable at the price of 10 cents per share, valid for a period of five years and vesting immediately. At this time, there is a total of 30 million options available for grant under the company's incentive stock option plan, of which a total of 23.05 million (including the most recent grant) are currently subject to grants, at a weighted average exercise price of 10.24 cents, and 6.95 million remain available for grant under the plan.
About MedX Health Corp.
MedX Health, headquartered in Ontario, Canada, is a leader in non-invasive skin assessment and teledermatology. Its proprietary SIAscopy technology, integrated into the DermSecure platform, enables pain-free, accurate imaging of skin lesions for rapid dermatologist review. 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 United Kingdom, the European Union and Turkey. MedX's advanced telemedicine platform enables health care professionals to quickly and accurately assess suspicious moles, lesions and other skin conditions through its proprietary imaging technology, SIAscopy, and its secure, cloud-based patient management system, DermSecure. SIAscopy is the only technology capable of capturing five high-resolution images, including four spectrophotometric scans that penetrate two millimetres below the skin's surface.
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