- IAGNOS Inc. (ADK) has closed a non-brokered private placement for proceeds of $250,000
- The company sold five units issued at a price of $50,000 per unit
- Each unit is made up of one unsecured convertible debenture and 50,000 stock warrants
- Proceeds will be used to fund product development, commercialization of its screening services, as well as general and administrative operations
- DIAGNOS is a publicly traded Canadian corporation dedicated to the early detection of critical health problems
- DIAGNOS Inc. (ADK) is down 1.85 per cent, trading at $0.26 per share as of 3:04 p.m. EST
DIAGNOS Inc. (ADK) has closed a non-brokered private placement for proceeds of $250,000.
The company sold five units issued at a price of $50,000 per unit. Each unit is made up of one unsecured convertible debenture and 50,000 stock warrants.
Each debenture has a three-year term and bears an annual interest rate of 10 per cent. The principal amount of the debenture may be converted into common shares of DIAGNOS at a price of $0.22 per share anytime during the three-year period. Any accrued interest on the principal will be immediately paid in cash at the time of conversion.
A total of 250,000 warrants have been issued as part of the private placement, each of which entitles the holder to purchase one share at a price of $0.26 per share until July 13, 2024.
The company will have the option to accelerate the expiry of the warrants if the daily volume weighted average trading price sits at $0.40 or higher for 15 consecutive trading days.
The net proceeds will be used to fund product development, commercialization of AI-based screening services as well as general and administrative operations. Since November 25, 2022, DIAGNOS has raised a total of $1.1 million in funding from issuing its units.
As a part of the transaction, the company paid a cash commission of $12,500 to one qualified firm acting at arm’s length. The private placement remains subject to receipt of all required approvals.
DIAGNOS is a publicly traded Canadian corporation dedicated to the early detection of critical health problems based on its FLAIRE artificial intelligence (AI) platform.
DIAGNOS Inc. (ADK) is down 1.85 per cent, trading at $0.26 per share as of 3:04 p.m. EST.