Marketwire
BURNABY, BRITISH COLUMBIA--(Marketwired - Oct. 24, 2013) - LED Medical Diagnostics Inc. ("LED" or the "Company") (TSX VENTURE:LMD)(OTCQX:LEDIF)(FRANKFURT:LME) announced today that it has completed its previously announced non-brokered private placement of 15,000,000 units at an issue price of CDN$0.35 per unit for gross proceeds of $5.25 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 US$0.50 for a period of 24 months. All of the securities issued in connection with the private placement will be subject to a restricted period that expires four months after the issuance date.
CEO David Gane states, "This financing will provide LED with working capital and will be used to add depth to our sales and marketing team. In addition, the funds will be used to investigate synergistic product opportunities in diagnostic imaging."
In connection with the private placement, subject to TSX-Venture Exchange acceptance, LED will pay cash commissions of CDN$388,460 and issue 1,109,887 finder's warrants to arm's length finders. Each finder's warrant will be non-transferable and exercisable into one common share at an exercise price of US$0.50 for a period of 24 months.
The private placement is subject to final approval of the TSX-Venture Exchange.
About LED Medical Diagnostics Inc.
Founded in 2003 and headquartered in Burnaby, British Columbia, Canada, LED Medical Diagnostics Inc. is a leading developer of LED-based visualization technologies for the medical industry. The Company is currently listed on the Toronto Stock Exchange (TSX-V) under the symbol "LMD", the OTCQX under the symbol "LEDIF", as well as the Frankfurt Stock Exchange under the symbol "LME". For more information, visit www.ledmd.com.
Through its wholly-owned subsidiary, LED Dental Inc., the company manufactures the VELscope® Vx Enhanced Oral Assessment System, the first system in the world to apply tissue fluorescence visualization technology to the oral cavity. VELscope® Vx devices are now used to conduct more screenings for oral cancer and other oral diseases than any other adjunctive device. To date, the VELscope has sold over 13,000 units, and has been used to perform an estimated 25 million exams. For more information, visit www.leddental.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.