Mr. Mark Komonoski reports
LED MEDICAL DIAGNOSTICS ANNOUNCES NON-BROKERED EXPEDITED PRIVATE PLACEMENT
LED Medical Diagnostics Inc., subject to TSX Venture Exchange approval, is undertaking a non-brokered expedited private placement of common shares at an issue price of 25 cents per share for gross proceeds of approximately $1-million. LED has, subject to TSX Venture Exchange approval, completed the first tranche of the private placement of 3.35 million common shares at an issue price of 25 cents per share for gross proceeds of $837,500.
All of the securities issued in connection with the private placement are subject to a restricted period that expires four months after the issuance date.
The proceeds will be used by LED to support product development, to purchase inventory and for working capital purposes.
LED paid finders' fees totalling $38,325 and granted 153,300 finder warrants in connection with the first tranche of the private placement. Each finder warrant is non-transferable and exercisable into one common share at 30 cents for a term that expires 18 months after the issuance date.
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