LED Raises C$2.55 Million In Private Placement
LED Medical Diagnostics has completed its previously announced non-brokered private placement of 17 million units at an issue price of C$0.15 per unit for gross proceeds of C$2.55 million. Each unit is comprised of one common share and one common share purchase warrant with each warrant entitling the holder to acquire one common share at an exercise price of C$0.20 for a period of 24 months. 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 build out its internal sales team, support product development and for working capital purposes.
In connection with the private placement, subject to TSX-Venture Exchange acceptance, LED will pay a cash commission of C$79,500 and issue 530,000 finder's warrants to an arm's length finder. Each finder's warrant will be non-transferable and exercisable into one common share at an exercise price of C$0.20 for a period of 24 months. The private placement is subject to final approval of the TSX-Venture Exchange.