TORONTO, Oct. 8 /PRNewswire-FirstCall/ - Predictive medicine company PreMD Inc. (TSX: PMD; PREMF.pk) ("PreMD" or the "Company") today announced that it has completed its previously announced debenture financing with several existing institutional investors and insiders, including Midsummer Investment, Ltd. The gross proceeds of the financing which totaled CDN$500,000 will be used for general corporate purposes.
"We are very pleased to have completed this financing", said Brent Norton, President and CEO of PreMD. "The proceeds from this financing should enable us to carry forward with our goals into 2009, including actively evaluating the sales and distribution options for our PREVU* technology, expanding the market for our existing products in the cosmetics industry, advancing our pipeline of cancer detection products and monetizing various tangible and intangible assets."
The secured debentures (the "Debentures") mature 12 months after the date of issuance at an amount equal to CDN$1,111 per CDN$1,000 principal amount and are secured against the assets of the Company. The Debentures contain certain accelerated pre-payment provisions at the option of the holders or the Company. The Company has also issued approximately 7.68 million common share purchase warrants (the "Warrants"), each Warrant being exercisable for a period of five years into one common share at $0.05 per share, such exercise price being equal to 100% of the average of the volume-weighted average price of the Company's common shares on the Toronto Stock Exchange for the five day period ending October 6, 2008.
About PreMD Inc.
PreMD Inc. is a leader in predictive medicine, dedicated to developing
rapid, non-invasive tests for the early detection of life-threatening
diseases. PreMD's cardiovascular products include PREVU* POC and PREVU* LT,
both non-invasive skin cholesterol tests. The Company's cancer tests
include ColorectAlert(TM), LungAlert(TM) and a breast cancer
|SOURCE PreMD Inc.|
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