Health & Fitness
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Published in Health and Fitness on Friday, December 21st 2012 at 10:45 GMT by Market Wire
December 21, 2012 13:34 ET
LED Medical Diagnostics Raises $1,162,500 on a Planned Minimum Raise of $1m Dollars
BURNABY, BRITISH COLUMBIA--(Marketwire - Dec. 21, 2012) - LED Medical Diagnostics Inc. (TSX VENTURE:LMD) ("LED" or the "Company") announces that, subject to TSX Venture Exchange approval of a non-brokered expedited private placement of Common Shares at an issue price of $0.25 per share for planned gross proceeds of a minimum of $1 million it is has now raised $1,162,500 million.
LED has, subject to TSX Venture Exchange Approval, completed the second tranche of the private placement of 1,300,000 Common Shares at an issue price of $0.25 for gross proceeds of $325,000. In combination with the first tranche of the private placement of 3,350,000 Common Shares for gross proceeds of $837,500 which closed today; the company has now raised $1,162,500 total dollars for an issuance of 4,650,000 Common Shares all at $0.25 per share with no warrants attached.
All of the securities issued in connection with the private placement are subject to a restricted period that expires four months after the issuance date.
The proceeds will be used by LED to support product development, to purchase inventory and for working capital purposes.
LED paid finders' fees totaling $14,000 and granted 56,000 finder's warrants in connection with the second tranche of the private placement. In combination with the first tranche LED paid finders' fees totaling $38,325 and granted 153,300 finder's warrants; totaling $52,325 in finders' fees and 209,300 finder's warrants. Each finder's warrant is non-transferable and exercisable into one Common Share at $0.30 per Common Share for a term that expires 18 months after the issuance date.
LED's Mr. Peter Whitehead CEO commented, "This is a very positive event for the corporation and helps strengthen its balance sheet and provide needed working capital for fiscal 2013" The corporate development with our new distribution partner DenMat is proceeding as planned and we look forward to fiscal 2013."
About LED Medical Diagnostics Inc.
LED Medical Diagnostics Inc. was founded in 2003 and is headquartered in Burnaby, British Columbia, Canada. Its wholly-owned subsidiary, LED Dental Inc., is the manufacturer of the Velscope Vx Enhanced Oral Assessment System. Velscope Vx devices, the first to apply tissue fluorescence visualization technology to the oral cavity, are used to conduct more screenings for oral cancer and other oral diseases than any other adjunctive device in the world. To date, the VELscope has sold over 12,000 units, and been used to perform an estimated 20 million exams. For more information, call +1 (604) 434-4614, or visit [ www.velscope.com ].
About the VELscope Vx
The Velscope Vx is a powerful FDA-approved tool used to screen for oral cancer. It saves lives and decreases mortality by helping clinicians detect early stage oral cancer, pre-cancer, and other abnormalities in the mouth such as viral, fungal and bacterial infections. For more information please call +1 (604) 434-4614, or visit [ www.velscope.com ].
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
