HALIFAX, Aug. 4 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR,
NASDAQ: MMIRF), a developer and marketer of rapid diagnostic technology and
solutions, announced today that it has submitted (July 20, 2009) a draw down
notice for $150,000 to YA Global Investments LP against its equity line of
credit. The capital available through the draw down on the equity line of
credit enables MedMira to support its ongoing global sales and business
development action plans.
Under the terms negotiated in the equity line, YA Global Investments LP
will purchase common shares from MedMira at a price to be calculated based on
96.5% of the daily volume weighted average price ("VWAP") over a 10 day
pricing period, beginning on July 20, 2009. The settlement date is August 3,
2009. The issuance of the MedMira common shares with respect to this draw down
is subject to the approval of the TSX Venture Exchange.
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.
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