MedX Announces $2,700,000 Initial Closing of Non-Brokered Private Placement of Series IV Convertible Loan Notes

Executive Summary

• MedX Health Corp. announced the initial closing of its non‑brokered private placement, securing $2.7 million of the targeted $5 million.
• The financing consists of up to 100 convertible loan notes (Series IV) with a face value of $50,000 each, bearing 6% annual interest payable quarterly and maturing on 31 Dec 2028.
• Notes are convertible at the holder’s option into units at $0.10 per unit, each unit comprising one common share and half a share‑purchase warrant (full warrant exercisable at $0.125).

Key Details

• Initial Closing Amount: $2,700,000 received from accredited investors.
• Total Offering Size: Up to $5,000,000 (100 Series IV Convertible Loan Notes).
• Interest Rate & Payment: 6% per annum, payable quarterly.
• Maturity Date: 31 December 2028.
• Conversion Terms:
• Conversion price – $0.10 per unit.
• Each unit = 1 fully paid common share + ½ of a Share Purchase Warrant.
• Full Share Purchase Warrant allows purchase of an additional common share at $0.125, exercisable until maturity.
• Series I Note Holders: May surrender existing Series I notes to subscribe for Series IV notes.
• Agent Compensation: Cash commission equal to 6% of gross proceeds plus agent warrants (6% of subscriptions). Agent warrants priced at $0.10 per unit; associated share purchase warrants exercisable at $0.125, all expiring on maturity date.
• Use of Proceeds:
• Redemption of any unsubstituted Series I notes.
• Continued development of the SIAscopy® technology on the DermSecure® telemedicine platform.
• Expansion of the platform into the occupational health market.
• General corporate purposes.
• Regulatory Conditions: Closing of the remaining placement subject to receipt of subscriptions and required regulatory/stock‑exchange approvals.

Notable Quotes

“The successful initial closing underscores investor confidence in MedX’s innovative skin‑screening technology and positions us to accelerate our growth strategy,” – John Gevisser, CEO, MedX Health Corp.