MedcomSoft closes initial financing
MedcomSoft Inc MDCM
Shares issued 17,833,333 Jun 18 close $1.05
Mon 21 Jun 99 News Release
Ms. Kimberly Stevenson reports
On June 18, 1999, the company closed the first tranche of up to $1-million
of financing with Goepel McDermid Inc. The first tranche involved the sale
of 312,500 special warrants, to a party at arm's-length to the company, at
a purchase price of 80 cents per special warrant for $250,000. Up to an
additional 937,500 special warrants may be sold in one or more closings to
occur prior to July 19, 1999. In connection with each tranche of special
warrant financing, Goepel McDermid Inc. will receive a compensation option
to acquire, at 80 cents per share, that number of common shares which
equals 10 per cent of the number of special warrants issued in such
tranche; an option in respect of 31,250 shares was issued in connection
with the first tranche.
Each special warrant will be exercisable into one share. MedcomSoft has
undertaken to file a prospectus within 120 days of the initial closing to
qualify the shares to be issued on the exercise of the special warrants. If
a prospectus is not filed within this time frame, each special warrant will
be exercisable into 1.1 shares of MedcomSoft for no additional
consideration.
Proceeds of the placement will be used to finance working capital needs and
to begin expansion into the U.S. market.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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