Completion of Equity Line Draw DownHALIFAX, May 6 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR, NASDAQ: MMIRF), a developer and marketer of rapid diagnostic technology and solutions, announced today that it has completed the draw down against its equity line of credit with YA Global Investments LP which was announced on April 22, 2009. MedMira will use this capital to support new and ongoing sales and business development action plans.
Under the terms negotiated in the equity line, YA Global Investments LP has purchased 968,782 common shares from MedMira at an average price of $ 0.0774 which is 96.5% of the daily volume weighted average price ("VWAP") over a 10 day pricing period, beginning on April 22, 2009 and ending on May 5, 2009 for net proceeds of $75,000. This transaction is subject to the approval of the TSX Venture Exchange. The shares are not subject to a hold period.