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Medifocus Inc Announces Units Offering


Thursday, 8 Aug 2013 04:22pm EDT 

Medifocus Inc announced, subject to regulatory approval, a non-brokered private placement of up to $6,000,000 worth of units at a price of $10,000 per Unit. Each Unit consists of (i) redeemable promissory notes, bearing 8% annual interest payable on a quarterly basis, which are convertible into common shares at a conversion price of $0.25 per Common Share, and which are payable 36 months after the closing of the Offering; and (ii) 20,000 Common Share purchase warrants. Each Series C Warrant will entitle the holder to purchase one additional Common Share at a price of $0.30 per Common Share for a period of 36 months following the completion of the Offering. If, at any time after the date that is 12 months following the closing of the Offering, the daily volume weighted average trading price of the Common Shares on the TSX Venture Exchange or the OTCQX in the United States exceeds $0.50 for at least 20 consecutive trading days, Medifocus may at its sole discretion, within 30 days of such occurrence, provide a redemption notice to the holders of Notes and, if it does so, Medifocus will redeem Notes by paying the holders thereof the principal amount of such Notes plus any accrued but unpaid interest on the 30th day after the redemption notice is given. Assuming that the aggregate gross proceed of the Offering are $6,000,000, the net proceeds of the Offering will be used: (i) to commercialize the Prolieve line of business (70%); (ii) for working capital (25%). 

Company Quote

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24 Oct 2014