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July 05, 2005
MDX Medical Arranges Private Placement to Fund Recently Acquired NIRS Technology
For Immediate Release
Vancouver, BC, July 5, 2005 - MDX Medical Inc. (TSX.V: MDX) is pleased to announce that it has engaged First Associates Inc. as the Agent in a best efforts financing for a Private Placement of up to 13,333,333 Units at a price of $0.075 per Unit for total proceeds of $1,000,000. (Cdn). The Agent has an option to an over allotment for an additional 15 percent of the financing. Each Unit will be comprised of one common share and one whole non-transferable share purchase warrant. Each whole warrant will entitle the holder to purchase an additional common share of the Issuer at $0.125 per share for a period of 12 months from closing of the offering and $0.20 per share for an additional 12 month period. The shares purchased are subject to a hold period of four months from the closing date of the Private Placement.
For their services under the Private Placement, the Agent will receive a commission of 8% of gross proceeds received from the purchasers introduced to the company by the Agents. In addition, they will be granted Agent Options entitling the Agent to purchase shares in an amount equal to 10% of the number of shares purchased. Each Agents compensation option will entitle First Associates to purchase one additional common share of MDX at $0.075 per share for a period of twelve months from the date of closing of the offering and thereafter at $0.08625 per share for an additional twelve months.
About MDX Medical
MDX Medical Inc.'s focus is on commercializing novel, innovative and leading edge medical device technologies for improved diagnosis and treatment of cancer and other prominent health disorders. The Company's business strategy is to acquire promising technologies that have reached the "proof of feasibility" or later stages of product development, complete the final stages of commercialization, obtain the required regulatory approvals and pursue strategic marketing partners. For more information about MDX, please visit our website at: www.mdxmedical.com.
On behalf of the Board,
"Barry Allen"
President & CEO
MDX Medical Inc.
Certain information contained in this press release may be forward looking and is subject to unknown risks, which could cause actual results to differ materially from those, set forth or implied herein. Although the Company believes that the expectations reflected in such forward looking statements are reasonable, it can give no assurance that such expectations will prove correct.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Larry Horsburgh
Phone: (604) 694-7770, Ext. 112
Email: lhorsburgh@mdxmedical.com |
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