Vancouver, British Columbia (FSCwire) - LED Medical Diagnostics Inc. (“LED” or the “Company”) (TSX-V: LMD) announced today that on December 22, 2016 (the “Closing Date”) it completed its previously announced financing of Cdn$800,000 through the issuance of: (i) 12% senior secured debentures of the Company (the “LED Medical Debentures”) in the aggregate amount of Cdn$150,000, maturing after twenty-four months; and (ii) 12% senior secured debentures of LED Dental Inc. (the “LED Dental Debentures”), a wholly-owned direct subsidiary of the Company, in the aggregate amount of Cdn$650,000, maturing after twenty-four months (collectively, the LED Medical Debentures and the LED Dental Debentures, the “Debentures”). The Debentures were issued to Bloom Burton Healthcare Lending Trust II, as part of a non-brokered private placement. The LED Medical Debentures were issued as units (“Units”) consisting of: (i) LED Medical Debentures in the aggregate principal amount of Cdn$150,000; and (ii) a total of 320,000 common shares of the Company. The subscription price for the Units was Cdn$150,000.
The Company issued an additional 1,380,000 common shares of the Company to Bloom Burton Healthcare Lending Trust II as a loan bonus in accordance with Policy 5.1 of the TSX Venture Exchange (the “Exchange”) in connection with the issuance of the LED Dental Debentures.
The proceeds will be used by LED for working capital and general corporate purposes.
All securities, other than the LED Dental Debentures, issued in connection with the transaction are subject to a hold period expiring four months and one day after the Closing Date. The LED Dental Debentures are subject to a hold period expiring four months and one day after the later of: (i) the Closing Date; and (ii) the date that LED Dental Inc. becomes a “reporting issuer” under Canadian Securities laws in any province or territory of Canada.
About LED Medical Diagnostics Inc.
Founded in 2003 and headquartered in Vancouver, British Columbia, Canada, LED Medical Diagnostics Inc., through its wholly-owned subsidiaries LED Dental Inc. and LED Dental Ltd, provide dentists and oral health specialists with advanced diagnostic imaging products and software, in addition to the award-winning VELscope® Vx tissue fluorescence visualization technology. Backed by an experienced leadership team and dedicated to a higher level of service and support, LED Dental is committed to providing dental practitioners with the best technology available by identifying and adding leading products to its growing portfolio.
The Company is currently listed on the Exchange under the symbol “LMD”, the OTCQX under the symbol “LEDIF”, as well as the Frankfurt Stock Exchange under the symbol “LME”. For more information, call 844.952.7327 or visit www.leddental.com/investor-relations.
Investor Relations:
Glen Akselrod
Phone: 905.326.1888 ext 10
Email: glen@bristolir.com
Media Contact:
LED Dental
Chris Koch
Phone: 678.293.9413
Email: chris.koch@leddental.com
Corporate Contact:
LED Medical
David Gane, CEO
Phone: 604.434.4614 ext 227
Email: david.gane@leddental.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/LEDMedDec282016.pdfSource: LED Medical Diagnostics Inc. (TSX Venture:LMD, OTCQX:LEDIF, FWB:LME)
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