Luminor Medical Announces Equity Financing, Convertible Debt Financing and Shares for Debt Transaction
September 2, 2016
Montreal, Quebec–(Newsfile Corp. – September 2, 2016) – Luminor Medical Technologies Inc. (TSXV: LMT) (the “Company” or “Luminor Medical”) (formerly Miraculins Inc.) announces it plans to complete a non-brokered financing of up to 4,000,000 units (each a “Unit”) at a price of $0.15 per Unit to raise gross proceeds of up to $600,000. Each Unit will consist of one common share and one half of one common share purchase warrant (a “Warrant”) with each Warrant exercisable at a price of $0.25 for a period of two years. The proceeds will be used for general working capital purposes.
The Company also announces the issuance of $175,000 in convertible loans, convertible into common shares at a price of $0.20 per common share and subject to an interest rate of 8% per annum. The convertible loans include an unsecured convertible loan of $50,000 due July 31, 2017, an unsecured convertible loan of $25,000, issued to a director of the Company, due on December 31, 2016 and a secured convertible loan of $100,000, issued to a company which has a director/officer in common with an officer of the Company, due on December 31, 2017. The proceeds will be used to repay current debt of the Company.
The Company also announces shares for debt transactions with certain vendors at price of $0.20 per share. The Company plans to issue 524,895 common shares to extinguish debt totaling $104,979. 32,459 of the common shares or $6,492 of the debt, relating to interest on a loan, will be paid to a director of the Company.
The equity financing, convertible debt financing and the shares for debt transactions are subject to TSX Venture Exchange approval. The loans, units, common shares and underlying common shares will be subject to a four month hold from the closing date.
About Luminor Medical Technologies
Luminor Medical Technologies is a medical diagnostic company focused on acquiring, developing and commercializing non-invasive technologies for unmet clinical needs. The Company’s Scout DS® device has been regulatory cleared in certain markets both as a clinical tool to assist in the identification of both prediabetes and type 2 diabetes, and is the first non-invasive testing system designed to provide a highly sensitive and convenient method for measuring prediabetes/type 2 diabetes related biomarkers in the skin, the accumulation of which are accelerated by abnormal blood sugar levels and oxidative stress. Unlike current testing methods, a Scout DS® test requires no blood draw, no fasting, and no waiting for a lab result. The product has been used and validated in thousands of patients around the world.
For more information, please contact:
President & CEO
Luminor Medical Technologies Inc.
Ph: (438) 889-3585