MedMira Reaches Funding Agreement to Enable US Market Expansion
MedMira Inc. announced that it has entered in to an agreement in principal with an investor for the issuance of a CDN $650,000 convertible debenture. Under the terms of the agreement, the debenture will bear interest of 9% per annum and will mature four years from the date of close. The debenture is convertible in whole or in part into common shares of MedMira at $0.15 per share during the first two years. The conversion price will increase by 10% in year three and increase by an additional 10% in year four. This agreement is subject to approval of the TSX.
This investment will enable MedMira to fuel various growth-centered activities in US market, including expansion of the Company's product offering. MedMira will be pursuing regulatory approvals for new rapid tests for sexually transmitted diseases as well as advancements in the Reveal rapid HIV test currently being sold in this market.
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