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LED Medical Diagnostics Inc Announces Final Approval of Non-Brokered Private Placement

Monday, 28 Oct 2013 04:30pm EDT 

LED Medical Diagnostics Inc announced that it has received final approval of the TSX Venture Exchange to its previously announced and completed non-brokered private placement of 15,000,000 units at an issue price of CAD0.35 per unit for gross proceeds of $5.25 million. Each unit is comprised of one common share and one common share purchase warrant with each warrant entitling the holder to acquire one common share at an exercise price of USD0.50 for a period of 24 months. All of the securities issued in connection with the private placement are subject to a restricted period that expires four months after the issuance date. The proceeds will be used by LED for working capital purposes, to add depth to LED's sales and marketing team and to investigate synergistic product opportunities in diagnostic imaging. In connection with the private placement, LED has paid cash commissions of CAD388,460 and has issued 1,109,887 finder's warrants to arm's length finders. Each finder's warrant is non-transferable and exercisable into one common share at an exercise price of USD0.50 for a period of 24 months. LED also announced that it has granted a total of 1,500,000 incentive stock options to employees. Each stock option is exercisable to acquire one Common Share of LED Medical Diagnostics at CAD0.54 per share and the options have a term of approximately 32 months. 

Company Quote

-0.015 -5.66%
3:28pm EST