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MISSISSAUGA, Ontario - MedX Health Corp. (TSX-V:MDX) announced Friday it has completed the initial closing of its previously announced non-brokered private placement to accredited investors, raising $527,500 through the issuance of 7,033,000 units. The company, currently valued at $85.31 million, has shown strong momentum with a 37.5% year-to-date return, according to InvestingPro data.
Each unit, priced at $0.075, consists of one common share and one-half of a share purchase warrant. Each whole warrant allows the purchase of an additional common share at $0.10 during a one-year period following issuance.
The company reported that no commissions were paid and no agent’s warrants were issued in connection with this initial closing. Securities issued are subject to a regulatory hold period of four months and one day.
MedX intends to issue up to a maximum of 33,333,334 units to potentially raise $2,500,000 in total. The company has extended the ultimate closing date for the private placement to November 7, 2025, pending TSX Venture Exchange approval.
According to the announcement, proceeds will be directed toward development of the company’s SIAscopy on DermSecure telemedicine platform, launching its technology in the occupational health marketplace, and for general corporate purposes.
MedX Health develops non-invasive skin assessment and teledermatology solutions. Its technology is cleared for use in 38 territories worldwide including Canada, the United States, Australia, and the European Union.
The information in this article is based on a press release statement from MedX Health Corp.
In other recent news, MedX Health Corp. has announced an extension for the closing date of its non-brokered private placement, aiming to raise up to $2.5 million. This private placement, initially revealed in late July, involves the issuance of up to 33,333,333 units at a price of $0.075 per unit. Each unit includes one common share and one-half of a share purchase warrant, with each whole warrant granting the right to purchase an additional common share at $0.10 within a year. The company has received conditional acceptance from the TSX Venture Exchange for this offering. The extension allows MedX Health up to 30 more days to complete the fundraising effort. This development follows the company’s ongoing strategy to secure additional capital through private placements. Investors will be observing how this funding initiative impacts MedX Health’s financial position and future operations.
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