MedX Health arranges $2.5-million private placement

Executive Summary

• MedX Health Corp. announced a proposed non-brokered private placement to raise up to $2.5 million through the issuance of up to 33,333,334 units at $0.075 per unit.
• The company also granted 500,000 stock options to a consultant, exercisable at $0.10 per share, with immediate vesting and a five-year term.
• Proceeds from the financing will be used for the development of the SIAscopy/DermSecure platform, expansion into the occupational health marketplace, and general corporate purposes.

Key Details

• Financing Structure: Non-brokered private placement of up to 33,333,334 units.
• Unit Price: $0.075 per unit.
• Gross Proceeds: Up to $2,500,000.
• Unit Composition: Each unit consists of one fully paid common share and one-half of a share purchase warrant.
• Warrant Terms (Investors): Each whole warrant is exercisable to purchase one common share at $0.10 per share.
• Warrant Expiry: One year from the date of issue.
• Minimum Subscription: Closing is subject to a minimum of $500,000 in subscriptions.
• Use of Proceeds: Continuing development of SIAscopy on the DermSecure telemedicine platform, launching technology into the occupational health marketplace, and general corporate purposes.
• Agent Compensation: Qualified agents receive an 8% cash commission on gross proceeds and warrants equal to 8% of subscriptions introduced.
• Agent Warrant Terms: Non-transferable warrants entitle holders to acquire units at $0.09 per unit. Each unit comprises one common share and one-half of a non-transferable agent's share purchase warrant. The agent's warrant allows acquisition of one additional common share at $0.10. Agent warrants expire one year following issuance.
• Option Grant Details: 500,000 options granted to a consultant.
• Option Exercise Price: $0.10 per share.
• Option Vesting: Immediate.
• Option Expiry: Five years.
• Plan Status: Total of 30 million options available under the incentive stock option plan; 23.05 million currently subject to grants (weighted average exercise price of $0.1024); 6.95 million remain available for grant.