|By Marketwired .||
|December 31, 2013 06:02 PM EST||
MISSISSAUGA, ONTARIO -- (Marketwired) -- 12/31/13 -- MedX Health Corp. ("MedX" or the "Company") (TSX VENTURE: MDX) announces that it has closed on a private placement, as announced on December 20, 2013, to raise $203,000 by the issuance of 2,030,000 units, comprising 2,030,000 common shares and 2,030,000 share purchase warrants ("Warrants") at $0.10 per unit. Each Warrant entitles the holder to purchase one additional common share during the period expiring December 31, 2014, at $0.20 per share. The securities issued through the private placement were subscribed for by accredited investors, and are restricted from trading before May 1, 2014.
In November, 2013, MedX entered into agreements to settle a total of $1,779,933 of debt owed to certain trade creditors, general creditors and insider creditors. Under the Debt Settlement Agreements, a total of $179,708 of trade debt was settled by issuance of 898,812 shares issued at $0.20 per share, $1,164,620 of debt due to general creditors was settled by issuance of 11,646,204 units at $0.10 per unit, and $435,603 of debt due to insider creditors was settled by issuance of 1,742,415 shares at $0.25 per share. Each of the units issued to general creditors was comprised of one fully paid common share and one-half of a share purchase warrant; each whole warrant from that issuance is 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. The securities issued pursuant to the Debt Settlement Agreements are restricted from trading until March 16, 2014.
Following the foregoing issuance of shares by way of debt settlement and issuance of shares in the private placement, MedX has 59,744,657 shares outstanding.
MedX also announces that Gary VanNest has been appointed Chairman in place of Steve Guillen, who remains a director of the Company.
MedX is 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's products include SIMSYS and MoleMate, which are approved by Health Canada, and available to Canadian physicians and dermatologists, are FDA approved for use in the USA and are currently under review for CE approval for use in Europe, the UK, and Australia, as an optical biopsy that uses patented technology featuring a hand-held scanner device designed for clinical 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 dermatologists to evaluate all types of moles or lesions within seconds. For more information log onto: www.simsys-molemate.com. For a complete profile of MedX and its products visit www.medxhealth.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.
MedX Health Corp.
Robert von der Porten
President and CEO
905 670 4428