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MedX Health Corp. Announces Closing of Non-Brokered Private Placement and Debt Settlement and Announces a New Non-Brokered Private Placement Offering

March 6, 2020 GMT

MISSISSAUGA, Ontario--(BUSINESS WIRE)--Mar 6, 2020--

MedX Health Corp. (“ MedX ” or the “ Company ”) (TSX-V: MDX) is pleased to announce that further to the Conditional Approval from the TSX Venture Exchange for a non-brokered Private Placement to accredited investors of up to 25,000,000 units at $0.12 per unit (“Unit”), to raise up to $3,000,000 that was announced on January 30, 2020, and the closing of the first tranche of that placement, of 1,485,000 units, raising $178,200, on January 30, 2020, two further closings have taken place, on March 4, 2020, of 7,459,139 units, raising $895,096, and on March 5, 2020, of 2,000,000 units, raising $240,000. Each Unit is comprised of One (1) fully paid common share and One (1) Share Purchase Warrant, exercisable to purchase One (1) further Common Share at the price of $0.20, exercisable for a period of two years from the date of issue. The securities issued on January 30, 2020, March 4, 2020 and March 5, 2020, will be restricted from trading for four months from their respective dates of issue.

The Company is also pleased to announce that on March 5, 2020, it closed the debt settlement announced in its Press Release dated March 3, 2020, pursuant to which is settled $372,071 of debt owed to an arm’s length trade creditor by issuance of 3,103,878 Units. The securities comprised in the Units issued on this debt settlement will be restricted from trading for four months from the date of issue.

In connection with the non-brokered private placement, agent’s warrants (“Agent’s Warrant(s)”), as described below, were also issued. Each Agent’s Warrant, which is non-transferable, is exercisable to acquire one Unit at $0.12 per Unit, at any time during the period of two years following the respective dates of issue. In connection with the January 30, 2020 Closing, a cash commission of $10,080 was paid and 84,000 Agent’s Warrants were issued. In connection with the March 4, 2020 Closing, a cash commission of $60,720 was paid and 506,000 Agent’s Warrants were issued. In connection with the March 5, 2020 Closing, a cash commission of $19,200 was paid.

The Company is further pleased to announce that it is proposing a further non-brokered Private Placement to accredited investors of up to 20,833,333 units at $0.12 per unit (“Unit”), to raise up to $2,500,000. Each Unit will be comprised of One (1) fully paid common share and One (1) Share Purchase Warrant, exercisable to purchase One (1) further Common Share at the price of $0.20, exercisable for a period of two years from the date of issue. Closing of the Placement, which will take place in tranches, will be subject to receipt of subscriptions and a number of other conditions, including without limitation the receipt of all relevant regulatory and Stock Exchange approvals or acceptances. Qualified Agents may receive commissions in respect of subscriptions introduced by them by way of cash equal to 8% of funds so introduced, and issuance of agent’s warrants (“Agent’s Warrant(s)”) equal in number to 8% of the number of units so subscribed for. Each Agent’s Warrant, which is non-transferable, will be exercisable to acquire one Unit at $0.12 per Unit, at any time during the period of two years following the Closing.

About MedX
MedX, headquartered in Mississauga, Ontario, is a leading medical device and software company focused on skin cancer with its DermSecure™ telemedicine platform, utilizing its SIAscopy technology. SIAscopy is also imbedded in its products SIAMETRICS™, SIMSYS™, and MoleMate™, which MedX manufactures in its ISO 13485 certified facility. SIAMETRICS™, SIMSYS™, and MoleMate™ include hand-held devices that use patented technology utilizing light and its remittance to view up to 2 mm beneath suspicious moles and lesions in a pain free, non-invasive manner, with its software then creating real-time images for physicians and dermatologists to evaluate all types of moles or lesions within seconds. These products are Health Canada, FDA (US), ARTG and CE cleared for use in Canada, the US, Australia, New Zealand, the European Union and Turkey. MedX also designs, manufactures and distributes quality photobiomodulation therapeutic and dental lasers to provide drug-free and non-invasive treatment of tissue damage and pain. www.medxhealth.com.

This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of applicable Canadian securities legislation. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company’s limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company’s projections or forward-looking statements. All forward looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200306005504/en/

CONTACT: Scott Spearn, President and CEO

MedX Health Corp

905-670-4428 ext 229

KEYWORD: NORTH AMERICA CANADA

INDUSTRY KEYWORD: SOFTWARE TECHNOLOGY HEALTH MEDICAL DEVICES

SOURCE: MedX Health Corp.

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PUB: 03/06/2020 04:00 PM/DISC: 03/06/2020 04:01 PM

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