MISSISSAUGA, ON, Oct. 29, 2013 /CNW/ - MedX Health Corp.
(TSX-V - MDX), announces that it has entered into agreements
to settle a total of $1,779,933 of
debt owed to certain trade creditors, general creditors and insider
creditors, subject to all relevant consents and approvals.
Under the Debt Settlement Agreements, a total of $179,708 of trade debt will be settled by
issuance of 898,812 shares issued at $0.20 per share, $1,164,620 of debt due to general creditors will
be settled by issuance of 11,646,204 units at $0.10 per unit, and $435,603 of debt due to insider creditors will be
settled by issuance of 1,742,415 shares at $0.25 per share. Each of the units proposed
to be issued to general creditors will be comprised of one fully
paid common share and one-half of a share purchase warrant; each
whole warrant will be exercisable to purchase one common share at
$0.20 per share for the period to
December 31, 2014, and at
$0.30 from January 1, 2015 to December 31, 2015. Regulatory and other
consents will include approval from the TSX Venture Exchange and,
in relation to shares issuable to insiders, approval of
shareholders (excluding votes of shares owned by the relevant
insiders).
Additionally, the Company is pleased to announce
that it is proposing, subject to all relevant consents and
approvals, including in particular, but not limited to approval
from the TSX Venture Exchange, to raise $150,000 by issuance of 15 units as follows.
(a) Each Unit comprises one "designated"
Unsecured Convertible Redeemable Loan Note("Loan Note(s)") with a
face value of $10,000 and one
"designated" detachable, share purchase warrant ("Warrant(s)");
(b) Each Loan Note will bear interest at
ten per cent (10%), payable at the end of each calendar quarter
while it is outstanding;
(c) The Conversion price for each Loan Note
is $0.10, thus 100,000 fully paid common shares for each Loan Note
on full conversion;
(d) Each Warrant entitles the holder to
purchase up to 100,000 additional common shares at $0.20 per share; exercise period is directly
linked to expire on the date that is nine months after the maturity
date of the respective Loan Note to which the warrant was
originally attached; the Warrant expiration date is not changed in
the event of earlier redemption or conversion of the originally
attached Loan Note.
(e) The Company may give notice to
redeem any of the Loan Notes prior to its maturity date,
without any obligation to designate the Loan Note to be redeemed in
any particular order - i.e. the Company can elect to redeem later
maturing Notes if it wants to, and does not have to redeem earlier
maturing Notes first;
(f) Each Unit, and the underlying
Loan Note and Warrant will be designated by a letter, from "A" to
"O" Note "A" will mature on March 31,
2014, and subsequent Notes will expire sequentially on the
last day of each month for fourteen months commencing April 30, 2014.
MedX presently has 44,966,291 common shares
issued and outstanding.
About MedX
MedX is a twelve (12) year old Canadian company,
headquartered in Mississauga,
Ontario (Toronto), and is a
global leader in the design, manufacturing and distribution of
quality low level laser and light therapy technologies for use in
numerous medical settings, including rehab/chiropractic, dental,
wound care, and veterinary medicine, providing patients with drug
free and non-invasive treatment of tissue damage and pain. MedX
laser and light products are FDA approved, Health Canada cleared,
and CE Mark approved for use in North
America as well as the European Union. MedX Health acquired
the worldwide assets of SIMSYS™ and MoleMate™ in June, 2011. For a
complete profile of MedX Health Corp. and its products visit
www.medxhealth.com.
About SIMSYS™ and MoleMate™
Skin Cancer Imaging
SIMSYS™ and MoleMate™ received approval from
Health Canada, and are available for all Canadian physicians and
dermatologist. SIMSYS™ and MoleMate™ is also FDA approved for use
in the USA and is currently under
review for CE approval for use in Europe, the UK, and Australia. For more information log onto:
www.simsys-molemate.com and click on 'See More', and see
approximately 2mm below the surface of suspicious moles and lesions
with additional information and images related to every mole and
lesions associated with all types of melanomas and non-melanomas.
SIMSYS™ and MoleMate™ is an optical biopsy that uses patented
technology that features a hand-held scanner device designed for
clinical office use that utilizes light to view beneath suspicious
moles or lesions in a pain free, non-invasive manner, creating
images in real-time for physicians and dermatologist to evaluate
all types of moles or lesions within seconds, providing images that
can reveal if a mole or lesion is benign, or something more
serious, often eliminating the need for skin biopsies, resulting in
less pain, scarring, and expense. Physicians and dermatologist
interested in learning more should contact MedX Health Corp. or log
onto www.simsys-molemate.com.
This press release does not constitute an offer
of any securities for sale. This press release contains certain
forward-looking statements within the meaning of applicable
Canadian securities legislation. These forward-looking statements
involve certain risks and uncertainties that could cause actual
results to differ, including, without limitation, the company's
limited operating history and history of losses, the inability to
successfully obtain further funding, the inability to raise capital
on terms acceptable to the company, the inability to compete
effectively in the marketplace, the inability to complete the
proposed acquisition and such other risks that could cause the
actual results to differ materially from those contained in the
company's projections or forward-looking statements. All forward
looking statements in this press release are based on information
available to the company as of the date hereof, and the company
undertakes no obligation to update forward-looking statements to
reflect events or circumstances occurring after the date of this
press release.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this press release.
SOURCE MedX Health Corp.