MedMira Receives New Andurja Equity Investment of $ 1 million
01 February 2012 - 9:00AM
PR Newswire (Canada)
HALIFAX, Jan. 31, 2012 /CNW/ - MedMira Inc., (MedMira) , a
developer and marketer of rapid diagnostic technology and
solutions, today announced that it has entered into an agreement
with Andurja Beteiligungen AG (Andurja), a Swiss company based in
Lucerne, Switzerland, for a CAD $1 million equity investment to be
used for operations and further debt reduction. Andurja previously
invested CAD $2 million in the Company in 2009, CAD $1 million in
2010, and CAD $1.5 million in 2011. Andurja is the controlling and
majority shareholder of MedMira's strategic partner Vitest AG.
Under the terms of the agreement Andurja will acquire 20,000,000
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 a four month hold period ending June 1, 2012. Each full warrant
entitles Andurja to purchase one common share of MedMira at $0.10
per share exercisable over four years. Under the terms of this
transaction, Andurja will increase its ownership of MedMira common
shares from 35.7% to 40.5% and this could increase to 44.5% if all
warrants related to this transaction are exercised. If all
warrants held by Andurja from prior transactions were also
exercised, Andurja's ownership would be 56.7%. This agreement has
received conditional approval and is subject to final approval of
the TSX Venture Exchange. About MedMira MedMira is a leading
developer and manufacturer of flow-through rapid diagnostics and
technologies. The Company's tests provide hospitals, labs, clinics
and individuals with reliable, rapid diagnosis of infectious
diseases. MedMira diagnostics are sold under the Reveal®,
MiraWell®, Multiplo™, and Miriad brands in global markets.
MedMira's rapid HIV test is the only rapid HIV test in the world to
achieve regulatory approvals in Canada, the United States, China
and the European Union. MedMira's corporate offices and
manufacturing facilities are located in Halifax, Nova Scotia,
Canada. For more information visit MedMira's website at
www.medmira.com. This news release contains forward-looking
statements, including statements regarding development of sales
opportunities, which involve risk and uncertainties and reflect the
company's current expectation regarding future events. 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. The
TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this statement.
MEDMIRA INC. CONTACT: Andrea YoungT. 902-450-1588E.
ayoung@medmira.com
Copyright
MedMira (TSXV:MIR)
Historical Stock Chart
From Aug 2024 to Sep 2024
MedMira (TSXV:MIR)
Historical Stock Chart
From Sep 2023 to Sep 2024
Real-Time news about MedMira Inc (TSX Venture Exchange): 0 recent articles
More Medmira News Articles