Vancouver, British Columbia, October 17, 2017 – LED Medical Diagnostics Inc. (“LED” or the “Company”) (TSXV: LMD) announces that it is proposing a financing of up to Cdn$2,500,000 through the issuance of 12% second secured debentures of the Company (the “Debentures”) maturing 24 months from the closing date of the financing (the “Closing Date”). The Debentures will be issued as part of a brokered private placement of units (each, a “Unit”), with each Unit consisting of: (i) a Debenture in the principal amount of Cdn$10,000; and (ii) 21,250 common shares of the Company. The subscription price for the units will be Cdn$10,000. The rights of the subscribers of the Debentures and the related security will be subordinated to the rights of the holders of debentures previously issued by the Company.
The Company intends to grant the common shares as a loan bonus in accordance with Policy 5.1 of the TSX Venture Exchange (the “TSXV”).
Bloom Burton Securities Inc. is acting as sole agent (the “Agent”) to LED for the financing. In connection with the offering, the Agent will receive a cash commission of up to 4% of the gross proceeds of the offering and non-transferable warrants equal to up to 4% of the principal amount raised in the financing divided by $0.10 (the “Warrants”). Each Warrant will entitle the holder to acquire one common share in the capital of LED for a period of 24 months from the closing date at an exercise price of $0.10 per share.
The proceeds will be used by LED to fund inventory purchases, working capital, and for general corporate purposes.
All securities issued in connection with the transaction will be subject to a hold period expiring four months and one day after the Closing Date.
The issuance of the Debentures, the common shares and Warrants is subject to TSXV acceptance.
About LED Medical Diagnostics Inc.
LED Medical Diagnostics Inc. is a dental imaging technology provider focused on delivering state-of-the-art imaging software and systems. Through its wholly-owned subsidiaries LED Dental Inc., LED Dental Ltd., and Apteryx, Inc., LED Medical has provided dentists and oral health specialists with advanced diagnostic imaging products and software for over 20 years. LED’s proprietary technologies include the VELscope Vx Enhanced Oral Assessment and TUXEDO Intraoral Sensors, in addition to Apteryx’s XrayVision, XVWeb and XrayVision DCV imaging software solutions.
Backed by an experienced leadership team and dedicated to a higher level of service and support, LED is committed to providing dental practitioners with the best technology available by identifying and adding leading products to its growing portfolio. The Company is currently listed on the TSXV under the symbol LMD, the OTCQB under the symbol LEDIF, as well as the Frankfurt Stock Exchange under the symbol LME.