MedX Health plans to raise up to $2.5 million via private placement

MISSISSAUGA, Ontario - MedX Health Corp. (TSX-V:MDX) announced Friday it is proposing to raise up to $2.5 million through a non-brokered private placement of up to 33,333,334 units at $0.075 per unit. The financing comes as InvestingPro data shows the company faces liquidity challenges with a current ratio of 0.38, indicating short-term obligations exceed liquid assets.

Each unit will consist of one common share and one-half of a share purchase warrant. Each whole warrant will be exercisable to purchase one additional common share at $0.10 during a one-year period after issuance.

The placement, which may occur in tranches, requires minimum subscriptions of $500,000 and is subject to regulatory and stock exchange approvals. Funds raised will support development of the company’s SIAscopy on DermSecure telemedicine platform, expansion into the occupational health market, and general corporate purposes.

Qualified agents will receive an 8% cash commission on proceeds from subscribers they introduce, plus agent’s warrants equal to 8% of those subscriptions.

The company also granted 500,000 stock options to a consultant, exercisable at $0.10 per share over five years, vesting immediately.

MedX Health, based in Ontario, specializes in non-invasive skin assessment and teledermatology. Its SIAscopy technology, integrated into the DermSecure platform, provides imaging of skin lesions for dermatologist review. The company’s products have received regulatory clearances in multiple countries including Canada, the U.S., Australia, and the European Union. Despite showing strong momentum with a 47.5% price return over the past six months, InvestingPro’s Fair Value analysis suggests the stock is currently overvalued.

The information in this article is based on a company press release statement.

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