Medifocus Inc. Announces Closing of Private Placement and Stock Options and Securities Grants
09 April 2011 - 6:20AM
Marketwired Canada
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
Medifocus Inc. ("Medifocus") (TSX VENTURE:MFS)(PINK SHEETS:MDFZF) announces that
it has completed its previously announced private placement offering of
3,745,000 Units (the "Units") at a price of $0.18 per Unit for gross proceeds of
$674,100. Each unit is comprised of one Common Share and one Series A Common
Share purchase warrant. Each Series A Common Share purchase warrant will entitle
the holder to purchase one additional Common Share at a price of $0.30 for a
period of 60 months following the completion of the offering.
Securities issued in connection with the private placement and any shares issued
upon the exercise of the warrants will have a hold period in Canada until July
24, 2011.
The proceeds of this offering will be primarily used to initiate a pivotal phase
III clinical trial using Medifocus's Microfocus APA 1000 System for the
treatment of breast cancer (including all related professional expenses) and for
working capital.
Medifocus also announces that it granted incentive stock options to the
directors and officers of the Company to purchase an aggregate of 3,700,000
common shares and, subject to regulatory and shareholder approval, awarded
common shares to its directors and officers as follows:
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Options
to
Options Vesting Common
Vested in 2012 Shares
----------------------------------------------------------------------------
Grant Walsh Chairman of the Board 250,000 250,000 450,000
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Joseph Chan Director 150,000 150,000 250,000
----------------------------------------------------------------------------
Gus Chow Director 150,000 150,000 150,000
----------------------------------------------------------------------------
Ernie Eves Director 500,000 N/A 500,000
----------------------------------------------------------------------------
Joe Tai Director 150,000 150,000 350,000
----------------------------------------------------------------------------
Dr. Augustine Cheung President and CEO 900,000 N/A 600,000
----------------------------------------------------------------------------
John Mon Chief Operating Officer 600,000 N/A 500,000
----------------------------------------------------------------------------
Mirsad Jakubovic Chief Financial Officer 300,000 N/A 200,000
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The options are exercisable at a price of $0.20 per common share, expire five
years from their date of grant and, except for the grants to Messrs. Cheung,
Eves, Jakubovic and Mon which vest immediately, will vest in two instalments,
with 50% vesting immediately and the remainder vesting on the first anniversary
of their date of grant.
The exercise price of all incentive stock options granted is equal to the
closing price of the Company's common share on the TSX Venture Exchange on the
date immediately preceding the grant. The incentive stock options are subject to
the terms and conditions of the Company's Stock Option Plan and the policies of
the TSX Venture Exchange. The common shares were awarded to the directors and
officers in lieu of a portion of their cash compensation and for past services.
Medifocus owns a patented microwave focusing technology platform (the Adaptive
Phased Array ("APA") technology), which can precisely target and control
microwave energy to cause heating in cancerous tumors anywhere in the body
reliably and repeatedly. The ability to target tumors with a precision
controlled dose of heat can be used to destroy tumors at higher temperatures, to
treat tumors in combination with chemotherapy and/or radiation at moderate
temperatures for increased effectiveness and reduced toxicity and to trigger the
targeted release of therapeutic drugs and genes at tumor sites at lower
temperatures. While the core technology has been licensed from the Massachusetts
Institute of Technology, Medifocus has further refined the precision of the
microwave focusing and control ability and developed a commercial system
dedicated exclusively for the treatment of Breast Cancer. Please visit
www.medifocusinc.com for more details.
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