07:24:39 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



LED Medical Diagnostics Inc
Symbol LMD
Shares Issued 100,393,519
Close 2015-11-12 C$ 0.21
Market Cap C$ 21,082,639
Recent Sedar Documents

LED Medical files short form prospectus for offering

2015-11-12 20:16 ET - News Release

Mr. Mike Cole reports

LED MEDICAL DIAGNOSTICS ANNOUNCES FILING OF FINAL SHORT FORM PROSPECTUS FOR OFFERING OF UNITS

LED Medical Diagnostics Inc. has filed a final short form prospectus for a best-efforts agency public offering. Bloom Burton & Co. Ltd., as agent for the offering, has agreed to sell units of the company at a price of 18 cents per unit. The agent has been granted the option to offer for sale up to an additional 15 per cent of the units issued under the offering, exercisable in whole or in part at any time on or before Nov. 24, 2015. Each unit consists of one common share and one-half of one common share purchase warrant, with each whole warrant entitling the holder to acquire one common share of LED at a price of 20 U.S. cents for a period of two years after the date of issuance.

The offering is expected to close on or about Nov. 25, 2015. Completion of the offering is subject to a number of conditions, including receipt of all regulatory approvals. There can be no assurance that the proposed offering will complete, or as to the actual size or terms of the offering. The offering is being made by way of a short form prospectus in each of the provinces of British Columbia, Alberta and Ontario. A copy of the final short form prospectus is available on SEDAR.

In connection with the offering, the agent will receive a cash commission of 7 per cent of the gross proceeds of the offering and non-transferable broker warrants equal to 7 per cent of the total number of units sold under the offering. Each broker warrant will be exercisable into one common share of LED at a price of 20 U.S. cents per share for a period of two years after the date of issuance.

The proceeds of the offering are intended for working capital purposes, including the purchase of inventory. The company has received a waiver from the holders of its $1.1-million and $500,000 (U.S.) senior secured debentures waiving the requirement pursuant to the terms of the debentures that would otherwise have required the company to repay the debentures in connection with the offering if the offering exceeded $3-million.

We seek Safe Harbor.

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