DIAGNOS Announces Closing of Private Placement
BROSSARD, Quebec, Nov. 09, 2018 (GLOBE NEWSWIRE) -- DIAGNOS Inc. (“DIAGNOS”, the “Corporation” or the “Issuer”) (TSX Venture: ADK) (OTCQB: DGNOF), a leader in early detection of critical health issues through the use of Artificial Intelligence, announces the closing of a private placement (“Private Placement”) of 20,660,000 units (each a “Unit”) issued at $0.05 per Unit for gross proceeds of $1,033,000. The Private Placement was initially announced on November 6, 2018 for gross proceeds of up to $808,000. Each Unit consists of;
- one common share (“Share”), and
- one stock warrant (“Warrant”) entitling the holder to purchase one Share per Warrant at a price of $0.05 per Share, for a period of 24 months ending November 9, 2020.
The proceeds will be used mainly to fund sales and marketing as well as administrative expenses.
One participant in the Private Placement, Gestion Maurice Pinsonnault Inc. (“GMP”), is subscribing for 15,000,000 Units and will exercise, as a result of the Private Placement, control over 18.35% of the common shares of DIAGNOS, on a diluted basis. GMP’s investment in common shares of DIAGNOS is solely for investment purposes. Based upon subsequent developments affecting the Issuer or its business and the general market and economic conditions, GMP may decide to purchase additional securities of the Issuer or may decide to sell all or part of its investments. An early warning report (“Form 62-103F1”) will soon be filed on SEDAR. A copy of Form 62-103F1 may be obtained by submitting a written request to; Diagnos Inc. c/o Accounting and Legal Dept., 7005 Taschereau Blvd, suite 340, Brossard, Qc, J4Z 1A7, 450-678-8882.
Shares issued as part of the Private Placement as well as the underlying Shares to be issued upon exercise of the Warrants are subject to a statutory four-month hold period ending March 9, 2019.
The Private Placement is subject to final receipt of all required approvals, including the final approval of the TSX Venture Exchange, as well as the execution of formal documentation. Further to the closing of the Private Placement today, the Issuer will hold all monies and certificates related to GMP’s participation in Trust until final approval is obtained by the TSX Venture Exchange.
All monies quoted in this press release shall be stated and paid in lawful money of Canada.
DIAGNOS is a publicly-traded Canadian corporation with a mission of early detection of critical health issues through the use of its Artificial Intelligence (“AI”) tool CARA (Computer Assisted Retina Analysis). CARA is a tele-ophthalmology platform that integrates with existing equipment (hardware and software) and processes at the point of care. CARA’s Artificial Intelligence image enhancement algorithms make standard retinal images sharper, clearer and easier to read. CARA is accessible securely over the internet, and is compatible with all recognized image formats and brands of fundus cameras, and is EMR compatible. CARA is a cost-effective tool for screening large numbers of patients in real-time and has been cleared for commercialization by several regulatory authorities such as Health Canada, the U.S. Food and Drug Administration and the European Union.
For further information, please contact:
|Mr. André Larente, President||Josh Falle|
|DIAGNOS Inc.||Momentum PR|
|Tel: 450-678-8882 ext. 224||Tel: 514-416-4656|
|[email protected]||[email protected]|
This news release contains forward-looking information. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in these statements. DIAGNOS disclaims any intention or obligation to publically update or revise any forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.
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.