MedMira Closes Investment from OnSite Lab
Sep 8 2015
Halifax, Nova Scotia, September 8, 2015 – MedMira Inc. (MedMira) (TSXV: MIR) has closed the CAD $5 million equity investment with OnSite Lab Holding AG (OnSite Lab) announced September 2, 2015. OnSite Lab is the Company’s controlling shareholder and has previously made investments in MedMira totalling CAD $18.7 million.
Under the terms of deal, OnSite Lab acquired 100,000,000 equity units at $0.05 per unit. Each equity unit consists of one common share and one common share purchase warrant and is subject to the four month hold period which expires on January 5, 2016. Each full warrant entitles the investor to purchase one common share of MedMira at $0.10 per share exercisable over four years. OnSite Lab will increase its ownership of MedMira common shares from 67.0% to 72.0% with this transaction. This could increase to 75.7% if all warrants related to this transaction are exercised. This transaction is subject to final approval by the TSX Venture Exchange.
MedMira is the developer and owner of Rapid Vertical Flow (RVF) Technology™. The Company’s rapid test applications built on RVF Technology provide hospitals, labs, clinics and individuals with instant diagnosis for diseases such as HIV and hepatitis C in just three easy steps. The Company’s tests are sold under the Reveal®, Multiplo™ and Miriad™ brands in global markets. MedMira’s corporate offices and manufacturing facilities are located in Halifax, Nova Scotia, Canada and the Company has a sales and customer service office located in Atlanta, Georgia, United States. For more information visit medmira.com. Follow us on Twitter and LinkedIn.
This news release contains forward-looking statements, which involve risk and uncertainties and reflect the Company’s current expectation regarding future events including statements regarding possible approval and launch of new products, future growth, and new business opportunities. Actual events could materially differ from those projected herein and depend on a number of factors including, but not limited to, changing market conditions, successful and timely completion of clinical studies, uncertainties related to the regulatory approval process, establishment of corporate alliances and other risks detailed from time to time in the company quarterly filings.
Neither 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.
Andrea Young, Corporate Communications