HALIFAX, March 27, 2015 /CNW/ - MedMira Inc. (TSXV:
MIR) has closed the CAD $1.1 million
equity investment with OnSite Lab Holding AG (OnSite Lab).
The transaction, announced on March 25,
2015, was finalized today. OnSite Lab is the Company's
largest and controlling shareholder and has made previous
investments in MedMira totaling CAD $17.6
million.
Under the terms of the deal, OnSite Lab acquired 22,000,000
equity units at $0.05 per unit.
Each equity unit consists of one common share and one common share
purchase warrant and is subject to a four month hold period which
expires on July 28, 2015. Each
full warrant entitles the investor to purchase one common share of
MedMira at $0.10 per share
exercisable over four years. Under the terms of this
transaction, Onsite Lab will increase its ownership of MedMira
common shares from 65.6% to 67.0%. This could increase to 68.3% if
all warrants related to this transaction are exercised.
About MedMira
MedMira is a leading developer and manufacturer of vertical flow
rapid diagnostics. The Company's tests provide hospitals, labs,
clinics and individuals with instant diagnosis for diseases such as
HIV and hepatitis C in just three easy steps. The Company's tests
are sold under the Reveal®, Multiplo™ and Miriad™ brands in global
markets. Based on its patented Rapid Vertical Flow Technology™,
MedMira's rapid vertical flow 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.com.
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This news release contains forward-looking statements, which
involve risk and uncertainties and reflect the Company's current
expectation regarding future events including statements regarding
possible approval and launch of new products, future growth, and
new business opportunities. 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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE MedMira Inc.