MedMira Completes Acquisition of SensorChem
MedMira Inc. announced that it has closed the transaction to acquire SensorChem International Corp., that was announced on December 15, 2005.
Under the terms of the acquisition agreement, MedMira has acquired all of the outstanding common shares of SensorChem, and retired $1,374,129 in SensorChem debt and preferred share interests for total consideration of $2,063,729. As consideration for the transaction, including the debt retirement, MedMira has issued 2,948,184 common shares at a price of $0.70, including 409,973 common shares to a director of MedMira. Under the terms of the acquisition agreement, certain shareholders have agreed to trading restrictions where 2,373,042 of the shares issued cannot be traded for 180 days from the date of closing and 470,000 shares will be restricted from trading for up to 3 years from the date of closing.
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