DIAGNOS Announces Closing of Private Placement and Exercise of Stock Warrants
19 May 2023 - 6:15AM
DIAGNOS Inc. (“DIAGNOS” or the “Corporation”) (TSX Venture: ADK)
(OTCQB: DGNOF), a Canadian corporation active in early detection of
critical health issues through the use of its FLAIRE platform based
on Artificial Intelligence (AI), announces the closing, today, of a
non-brokered private placement (“Private Placement”) of unsecured
convertible debentures (each a “Debenture”) and stock warrants
(each a “Warrant”) for gross proceeds of $865,000. The Corporation
also announces that it has received an aggregate amount of $247,000
from the exercise of stock warrants over the past two weeks.
DIAGNOS wishes to thank its shareholders for their continuous
support.
The Debentures have a term of 24 months ending
May 18, 2025 (the “Term”) and bear interest at the annual rate of
10%. At the option of the Debenture holder, the principal amount of
the Debenture may be converted, at any time during the Term, into
common shares of the Corporation (each a “Share”) at a price of
$0.37 per Share. Any accrued interest on the principal, at time of
conversion, will be immediately payable in cash.
An aggregate number of 865,000 Warrants have
been issued as part of the Private Placement. Each Warrant entitles
the holder to purchase one Share at a price of $0.45 per Share, for
a period of 18 months ending November 18, 2024.
The net proceeds from the Private Placement will
be used to fund product development, commercialization of AI-based
screening services as well as general and administrative
operations. In connection with the closing of the Private
Placement, the Corporation will pay a cash commission of $15,500 to
one qualified firm acting at arm’s length, Optimista Consulting
Services Inc.
All securities issued as part of the Private
Placement are subject to a statutory hold period ending
September 19, 2023.
The Private Placement remains subject to receipt
of all required approvals, including the approval of the TSX
Venture Exchange, as well as execution of formal documentation.
All monies quoted in this press release shall be
stated and paid in lawful money of Canada.
About DIAGNOS DIAGNOS is a publicly traded
Canadian corporation dedicated to early detection of critical
health problems based on its FLAIRE Artificial Intelligence (AI)
platform. FLAIRE allows for quick modifying and developing of
applications such as CARA (Computer Assisted Retina Analysis).
CARA’s image enhancement algorithms provide sharper, clearer and
easier-to-analyze retinal images. CARA is a cost-effective tool for
real-time screening of large volumes of patients. Additional
information is available at www.diagnos.ca and
www.sedar.com.
This press release contains forward-looking
information. We cannot guarantee that the forward-looking
information mentioned will prove to be accurate, as there may be a
significant discrepancy between actual results or future events and
those mentioned in this statement. DIAGNOS disclaims any intention
or obligation to publicly update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise. The forward-looking information contained in this
press release is expressly covered by this caution.
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.
For further information, please contact:
Mr. André Larente, President
DIAGNOS Inc.
Tel: 450-678-8882 ext. 224
alarente@diagnos.ca
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