(Source: Canada Newswire)
HALIFAX, July 8 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR, NASDAQ: MMIRF), a developer and marketer of rapid diagnostic technology and solutions, announced today that it has completed the draw down against its equity line of credit with YA Global Investments LP which was announced on June 18, 2009. MedMira will use this capital to support new and ongoing sales and business development action plans.
Under the terms negotiated in the equity line, YA Global Investments has purchased 2,343,160 common shares from MedMira at an average price of $ 0.064 which is 96.5% of the daily volume weighted average price ("VWAP") over a 10 day pricing period, beginning on June 19, 2009 and ending on July 3, 2009 for net proceeds of $142,500.00 representing the draw down amount ($150,000.00) less a 5% utilization fee. The shares are not subject to a hold period.
First Purchasers (as defined in the Prospectus) of MedMira common shares issued in relation to this draw down notice have certain statutory rights of rescission or damages for a period of 40 days from the settlement date. The terms of the equity line financing, and the rights of First Purchasers are described in more detail in a prospectus dated November 21, 2006 (the "Prospectus") which is available on SEDAR at www.sedar.com.
About MedMira
MedMira is a leading developer and manufacturer of flow-through rapid diagnostics. The company's tests provide hospitals, labs, clinics and individuals with reliable, rapid diagnosis for diseases such as HIV and hepatitis C in just three minutes. The company's tests are sold under the Reveal(R), MiraWell(R), MiraCare(TM) and Multiplo(TM) brands in global markets. MedMira's rapid HIV test is the only one in the world to achieve regulatory approvals in Canada, the United States, China and the European Union. MedMira's corporate offices and manufacturing facilities are located in Halifax, Nova Scotia, Canada. For more information visit MedMira's website at www.medmira.com.
This news release contains forward-looking statements, which involve risk and uncertainties and reflect the company's current expectation regarding future events. Actual events could materially differ from those projected herein and depend on a number of factors including, but not limited to, changing market conditions, successful and timely completion of clinical studies, uncertainties related to the regulatory approval process, establishment of corporate alliances and other risks detailed from time to time in the company quarterly filings.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this statement.
(c) 2009 Canada Newswire. Provided by ProQuest LLC. All rights Reserved.
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