MedX Health completes private placement raising $1.96 million

MedX Health Corp. (TSX-V: MDX) completed a non-brokered private placement that raised total proceeds of $1.96 million through the issuance of 26,139,999 units at $0.075 per unit.

The final closing, which followed an initial closing announced in October, involved the issuance of 19,106,666 units and raised $1.43 million in cash proceeds. Each unit consists of one common share and one-half share purchase warrant, with each whole warrant exercisable at $0.10 for one year from the date of issuance.

Company insiders participated in the placement for $1.64 million, acquiring 21,806,666 units. The company stated it relied on exemptions from formal valuation and minority shareholder approval requirements under securities regulations, as the fair market value of the insider placement did not exceed 25% of the company's market capitalization.

Qualified agents received $3,000 in cash commissions and 40,000 agent's warrants as compensation. The securities issued are subject to a four-month-and-one-day regulatory hold period.

According to the company's statement, the funds will be directed toward continuing development of its SIAscopy technology on the DermSecure telemedicine platform, expanding into the occupational health marketplace, and general corporate purposes.

MedX Health, based in Mississauga, Ontario, develops non-invasive skin assessment and teledermatology technology. Its SIAscopy technology is integrated into the DermSecure platform for skin lesion imaging and dermatologist review.

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