Medifocus Inc. Announces Closing of First Tranche of $3,540,000 Convertible Debenture Financing
18 Dicembre 2013 - 3:16PM
Marketwired
Medifocus Inc. Announces Closing of First Tranche of $3,540,000
Convertible Debenture Financing
COLUMBIA, MARYLAND and TORONTO, ONTARIO--(Marketwired - Dec 18,
2013) - Medifocus Inc. (OTCQX:MDFZF)(TSX-VENTURE:MFS) announced
today the initial closing of a non-brokered private placement of
354 units at a price of $10,000 per unit (the Units). The
$3,540,000 is part of the Company's non-brokered private placement
(the Offering) of $6,000,000 previously announced in August 2013.
The Company expects to complete the remainder of the Offering on or
before January 17, 2014.
Each Unit consists of (i) a $10,000 redeemable promissory note
("Note"), bearing 8% annual interest payable on a quarterly basis,
which are convertible into Common Shares at a conversion price of
$0.25 per Common Share, and which are payable 36 months after the
closing of the Offering; and (ii) Common Share purchase
Warrants("Series C Warrants") to purchase 20,000 Shares at a price
of $0.30 per Share a period of 36 months following the completion
of the Offering. Any securities issued under the first tranche of
the Offering are subject to a hold period until April 19, 2014.
If, at any time after the date that is 12 months following the
closing of the Offering, the daily volume weighted average trading
price of the Common Shares on the TSX Venture Exchange or the OTCQX
in the United States exceeds $0.50 (or its equivalent in U.S.
dollars) for at least 20 consecutive trading days, Medifocus may at
its sole discretion, within 30 days of such occurrence, provide a
redemption notice to the holders of Notes and, if it does so,
Medifocus will redeem Notes by paying the holders thereof the
principal amount of such Notes plus any accrued but unpaid interest
on the 30th day after the redemption notice is given.
If, at any time after the date that is 12 months following the
closing of the Offering, the daily volume weighted average trading
price of the common shares on the TSX Venture Exchange or the OTCQX
in the United States exceeds $0.60 (or its equivalent in U.S.
dollars) for at least 20 consecutive trading days, Medifocus may,
within 30 days of such occurrence, provide an expiry acceleration
notice to the holders of Series C Warrants and, if it does so, the
Series C Warrants will, unless exercised, expire on the 30th day
after the acceleration notice is given.
Medifocus will pay finder's fees of $314,100 in cash and issue
1,256,400 Finder's Warrants to Asset Profits Limited, Shop 204 G/F
The Arcade, 100 Cyberport Road, Hong Kong. Each finder's Warrant
will entitle the holder to purchase one additional Common Share at
a price of $0.30 per Common Share for a period of 36 months
following the completion of the Offering.
The net proceeds of the Offering will be used to accelerate the
commercialization of the Prolieve® line of business and for working
capital.
Dr. Augustine Y. Cheung, President and CEO stated, "The
completion of the first tranche of our $6 million private placement
enables us to build upon and accelerate the tremendous progress we
have made in rolling out our Prolieve® product and positioning it
at the forefront of the BPH market. Since the acquisition of
Prolieve in late July last year, we have tripled our Prolieve user
sites from 60 to over 200. Given Prolieve's® proven success and the
immediate market need for the treatment, we believe that this
recent funding will allow us to significantly enhance our sales
potential and move closer to break even."
"While our immediate focus remains on commercializing the
Prolieve® product, we will continue to advance our APA 1000 Phase
III clinical trials to eventually break into multiple cancer
treatment markets. We are extremely pleased that we have completed
the first portion of our private placement and can build upon the
progress we have made to date. With the extension of the remainder
of the unit offering, we will have an additional opportunity to
move forward with additional growth opportunities for our
proprietary heat systems in the near future."
About Medifocus
Medifocus owns two fully developed technology platforms with
comprehensive United States and international patent protection:
(i) The Endo-thermotherapy Platform-a catheter-basis focused heat
technology platform that utilizes natural body openings to deliver
precise microwave thermotherapy to the diseased sites. The United
States Food and Drugs Administration (FDA) approved Prolieve
Thermodilatation System for the treatment of Benign Prostatic
Hyperplasia (BPH) was developed based on the Endo-thermotherapy and
is currently generating revenue; and (ii) the Adaptive Phased Array
(APA) Microwave Focusing Platform, invented by the Massachusetts
Institute of Technology, licensed to Medifocus directs precisely
focused microwave energy at tumor center to induce shrinkage or
eradication of tumors without undue harm to surrounding tissue.
Medifocus' APA 1000 Breast Cancer Treatment System, developed from
the APA technology platform, has received approval from the FDA and
Health Canada to conduct the pivotal Phase III clinical trials.
Medifocus believes that these two technology platforms can provide
the design basis for the development of multiple cancer treatment
systems for surface, subsurface and deep seated localized and
regional cancers. Please visit www.medifocusinc.com,
www.prolieve.com and
http://www.facebook.com/pages/Medifocus-Inc-Company-Page/546315028715627
for more details.
Forward-Looking Statements and Information
This news release contains "forward-looking statements" and
"forward-looking information", which may not be based on historical
facts. Forward-looking statements and forward-looking information,
include, but are not limited to, information and statements with
respect the structure and the proceeds of the Offering and the
expected use of the proceeds. Forward-looking statements are
frequently characterized by words such as "plan," "expect,"
"project," "intend," "believe," "anticipate", "estimate" and other
similar words, or statements that certain events or conditions
"may" or "will" occur. Forward-looking statements are based on the
opinions and estimates of management at the date the statements are
made. Such forward-looking statements and forward-looking
information involve known and unknown risks, uncertainties and
other factors that may cause the actual results events or
developments to be materially different from any future results,
events or developments expressed or implied by such forward-looking
statements or forward-looking information. These factors should be
considered carefully and readers are cautioned not to place undue
reliance on such forward-looking statements and forward-looking
information. Except as required by applicable securities laws,
Medifocus disclaims any obligation to update any such factors or to
publicly announce the results of any revisions to any of the
forward-looking statements or forward-looking information contained
herein to reflect future results, events or developments.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Medifocus, Inc.John
MonCOO410-290-5734JohnMon@medifocusinc.comwww.medifocusinc.comInvestor
Relations Contact:Consulting for Strategic Growth 1Robert
Giordano917-327-3938rgiordanonyc@gmail.com
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