MedX Health raises $2.7 million in convertible note placement

MedX Health Corp. (TSX-V: MDX) completed an initial closing of $2.7 million for its non-brokered private placement of Series IV Convertible Loan Notes, the company announced. The private placement seeks to raise up to $5 million through the issuance of up to 100 convertible loan notes, each with a face value of $50,000.

The Series IV Notes carry a 6% annual interest rate with quarterly payments and mature on December 31, 2028. Holders may convert the notes into units at $0.10 per unit at any time before maturity. Each unit consists of one common share and one-half of a share purchase warrant, with each whole warrant exercisable at $0.125 until the maturity date.

The company stated that holders of existing Series I Convertible Loan Notes may surrender those notes as subscription for the new Series IV Notes. Qualified agents will receive a 6% cash commission on gross proceeds from subscribers they introduce, plus agent's warrants equal to 6% of those subscriptions.

MedX plans to use the raised funds to redeem any Series I Notes not surrendered for Series IV Notes, continue developing its SIAscopy technology on the DermSecure telemedicine platform, expand into the occupational health marketplace, and for general corporate purposes.

The Mississauga, Ontario-based company specializes in non-invasive skin screening and teledermatology through its proprietary imaging technology. The final closing of the remaining placement amount depends on receiving additional subscriptions and regulatory approvals.

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