DIAGNOS Announces Final Closing of Private Placement
07 May 2014 - 1:10AM
Marketwired
DIAGNOS Announces Final Closing of Private Placement
BROSSARD, QUEBEC--(Marketwired - May 6, 2014) - DIAGNOS Inc.
("DIAGNOS" or "the Corporation") (TSX-VENTURE:ADK), a leader in
healthcare technical services including screening, software and
algorithm development, data analysis and image processing,
announces the final closing of a private placement that was
initially announced February 25, 2014 and for which a partial
closing was announced April 1, 2014. In connection with the private
placement, 107 units (the "Unit") were issued for gross proceeds of
$1,070,000.
Each Unit consists of:
- $10,000 principal amount, 2 year term, 10% interest rate,
unsecured convertible promissory note (the "Note") and,
- 50,000 warrants entitling the holder to purchase one common
share ("Share") per warrant, at a price of $0.095 per Share for a
period of two years from the date of issuance. The warrants are
exercisable in whole and not in part.
Interest is payable on a semi-annual basis in cash or, at the
holder's option, in shares of the Corporation to be issued at the
Market Price of the securities on settlement date.
The holder of the Note have the option of converting the
outstanding principal of the Note, in whole and not in part, into
shares of the Corporation at a price of $0.16 per share at any time
until maturity of the Note. Any accrued interest on the principal
of the Note, at the time of conversion, is payable in cash, or, at
the holder's option, in shares of the Corporation to be issued at
the Market Price of the securities on settlement date.
The Corporation may elect to redeem the outstanding principal of
the Note if, at any time after the first anniversary of this Note,
the weighted average price of the Corporation's common shares is
equal to or higher than $0.16 ("Redemption Price") for 20
consecutive trading days, provided that the Redemption Price is
equal or higher than the Market Price of the shares, at redemption
date. Any accrued interest on the principal, at the time of
redemption, is payable in cash. The Corporation must give notice,
in writing, at least 30 days prior to redemption.
The proceeds of the private placement will be used for business
development, product development and general corporate
purposes.
In connection with this private placement, DIAGNOS has paid a
commission of $46,900 to a broker representing 7% of money received
from purchasers referred by the broker. The Corporation also issued
250,000 Broker Warrants to the broker entitling the broker to
purchase one common share ("Share") per warrant, at a price of
$0.095 per Share for a period of two years from the date of
issuance. The Broker Warrants are exercisable in whole and not in
part.
Any conversion or redemption of the outstanding principal of the
Note into shares of the Corporation and any payment of interest in
shares of the Corporation will be subject to prior TSX Venture
Exchange approval.
This private placement is subject to receipt of all final
required regulatory approvals, including that of the TSX Venture
Exchange.
All monies quoted in this press release shall be stated and paid
in the lawful money of Canada.
About
DIAGNOS
Founded in 1998, DIAGNOS is a publicly traded Canadian
corporation, with a mission to commercialize technologies combining
contextual imaging and traditional data mining thereby improving
decision making processes. DIAGNOS offers products, services, and
solutions to clients in a variety of fields including healthcare
and natural resources.
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
For further information on DIAGNOS, please visit our website at
www.diagnos.com or the SEDAR website at www.sedar.com
Diagnos Inc.Andre Larente, President(450) 678-8882 ext 224
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