MedMira Inc. has closed a CAD$ 0.5 million equity investment with a Canadian arm’s length investor. The investment is strictly aimed to increase the Company’s growing operational capacity and represents fully diluted less than 1% of the total shareholding. The transaction was approved by the TSX Venture Exchange.
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Under the terms of deal, the investor will acquire 2,711,496 equity units at $0.18444 per unit. Each equity unit consists of one common share and one common share purchase warrant and is subject to the four month hold period. Each full warrant entitles the investor to purchase one common share of MedMira at $0.18444 per share exercisable over six months.
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“In anticipation of the increasing demand for our products due to the expansion of our COVID-19 product line and the commencement of the clinical trials for our CLIA G4 HIV* rapid test, we have to further expand our manufacturing capabilities at an even larger scale. As a result we sought out additional expert advice and gratefully we have the opportunity to work with a seasoned manufacturing executive who built and owns a highly successful manufacturing company in Canada. Accessing this valuable industrial resource will allow us to further enhance our manufacturing output by not sacrificing product quality and emphasising on a lean manufacturing methodology to decrease costs and increase profit margins.” said Hermes Chan, CEO of MedMira Inc. “After lengthy discussions and thorough due diligence we were offered additional funding to exhilarate our progress. While MedMira has and will continue to be supported by its largest shareholder, we believe this financial commitment from a new sophisticated investor underlines our potential and contributes to shareholder confidence.”
