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HomeCanadian NewsMedX Pronounces First Closing of Secured Convertible Debenture Financing

MedX Pronounces First Closing of Secured Convertible Debenture Financing


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MISSISSAUGA, Ontario — MedX Well being Corp. (“MedX” or the “Firm”) (TSXV: MDX), a worldwide chief in teledermatology, is happy to announce that it has accomplished the First Closing of Secured Convertible Debentures beforehand introduced in its Press Launch dated January 30, 2023.

The primary Closing comprised issuance of three Secured Convertible Debentures for a complete of $765,000. Funds have been superior on the categorical foundation that they are going to be utilized particularly and solely to the bills notified to and authorised by the Lenders. Curiosity at 8% per 12 months is payable Quarterly. The Convertible Debentures are secured by a set and floating cost over all belongings and enterprise of the Borrower, and have a Time period expiring on December 31, 2027 and are topic to customary provisions within the occasion of default. The Convertible Debentures are convertible into Items on the choice of the Lenders. Every Unit issued on Conversion will comprise one frequent share and one share buy Warrant. The Conversion Value is $0.05 per Unit, supplied that if the Conversion Proper is exercised after November 18, 2023, then the Conversion Value for the rest of the Time period will likely be $0.10 per Unit. The Train Value of Warrants comprised in Items issuable on Conversion is $0.20. The subscribers for the Secured Convertible Debentures issued on the primary Closing have entered into an Intercreditor Settlement with one another and with Forest Lane Holdings Restricted, which already holds a $1.5 million Convertible Debenture on similar phrases, in order that precedence and entitlement will likely be shared amongst all of the holders on a pari passu foundation. Any securities issued or issuable will likely be topic to a 4 month maintain interval from the unique problem date of the Convertible Debentures.

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About MedX Well being Corp:

MedX, headquartered in Ontario, Canada, is a number one medical machine and software program firm targeted on pores and skin well being with its SIAscopy® on DermSecure® telemedicine platform, using its SIAscopy® know-how. SIAscopy® can be imbedded in its merchandise SIAMETRICS®, SIMSYS®, and MoleMate®, which MedX manufactures in its ISO 13485 licensed facility. SIAMETRICS®, SIMSYS®, and MoleMate® embody hand-held gadgets that use patented know-how using mild and its remittance to view suspicious moles and lesions as much as 2mm beneath in a pain-free, non-invasive method. Its patented software program then creates real-time photographs for physicians and dermatologists to guage all sorts of moles or lesions inside seconds. These merchandise are cleared by Well being Canada, the U.S. Meals and Drug Administration, the Therapeutic Items Administration and Conformité Européenne to be used in Canada, the U.S., Australia, New Zealand, the European Union, Brazil and Turkey.

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Neither TSX Enterprise Trade nor its Regulation Companies Supplier (as that time period is outlined in insurance policies of the TSX Enterprise Trade) accepts accountability for the adequacy or accuracy of this launch.

This Media Launch could include forward-looking statements, which mirror the Firm’s present expectations concerning future occasions. The forward-looking statements contain dangers and uncertainties.

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Invoice Mitoulas, Investor Relations
MedX Well being Corp.





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