RE: RE: MKI NR! Besides the expantion of business the NR also contains the following PP to be seriously contemplated for any investor as it dilutes the shares drastically;
The terms of the agreement (the "Transaction") include:
- Medipattern will issue 11,400,000 common shares to MYTRAK or its shareholders on closing. Medipattern currently has 57,404,579 million shares issued and outstanding.
- Medipattern will also pay $500,000 upon closing and an additional $500,000 upon satisfaction of certain milestones.
- MYTRAK's key personnel and related senior management will continue to spearhead the MyTrak Personal Health Solutions business unit of Medipattern.
- Medipattern has engaged Industrial Alliance Securities Inc. (the "Agent") to act as agent to raise, by way of private placement, at
.25 per common share, a minimum of $3,000,000 and a maximum of $5,000,000 with closing expected on or before June 15th, 2012 (the "Financing"). Under the terms of the Financing, the Agent will receive a cash commission representing 4% of the gross proceeds from the sale of common shares and broker warrants entitling the Agent to purchase up to that number of common shares as is equal to 8% of the aggregate number of common shares sold in the Financing, exercisable at
.25 per share for two years from the closing date.