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Medifocus Inc Announces Extension of Units Offering


Tuesday, 8 Oct 2013 07:00am EDT 

Medifocus Inc announced that, further to its August 8, 2013 press release, it has extended its previously announced offering of units. Subject to regulatory approval, Medifocus is offering up to $6,000,000 worth of units (the Units) at a price of $10,000 per Unit by way of a non-brokered private placement (the Offering). Each Unit consists of (i) redeemable promissory notes, bearing 8% annual interest payable on a quarterly basis (Notes), which are convertible into common shares (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) Common Share purchase warrants to purchase up to one-half the number of Common Shares resulting from such conversion (Series C Warrants). Each whole 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. Medifocus anticipates that the Offering will be completed on or around November 15, 2013. 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 (55%); (ii) for working capital (30%); and (iii) to continue Medifocus' pivotal phase III clinical trials using Medifocus' Microfocus APA 1000 System for the treatment of breast cancer including all related professional expenses (15%). 

Company Quote

0.145
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19 Aug 2014