MedX Announces Closing of First Tranche of Non-Brokered Private Placement of Convertible Loan Notes and Also Announces Application for Warrant Extension

MedX Health Corp. (“MedX” or the “Company”) (TSXV: MDX) is pleased to announce that it has closed on the First tranche, of $250,000, of the non-brokered Private Placement announced in its Press Release of June 30, 2022.

The Placement is to accredited investors of up to a total of $4 million, by issuance of up to 80 Convertible Loan Notes, each with a face value of $50,000 (“Convertible Notes”). The Convertible Notes will bear interest at 8% per year, payable Half-yearly, and will mature on December 31, 2026 (the “Maturity Date”). The Convertible Notes may be converted, at the option of the Holder, into units (“Unit(s)”) at $0.07 per Unit until June 30, 2023, and thereafter at $0.10 per Unit at any time until the Maturity Date. Each Unit will be comprised of One (1) fully paid Common Share and One (1) Share Purchase Warrant. Each Share Purchase Warrant will be exercisable to purchase One (1) further Common Share at the price of $0.07, exercisable for a period expiring on the Maturity Date. Additionally, the Company will have the right to force redemption of any Convertible Note(s) then outstanding, on the date that is thirty days after the date of the notice (“Redemption Date”), exercisable at any time after January 1, 2025, and provided that the Company’s common shares have closed at a price of $0.30 or above for thirty consecutive trading days immediately preceding the date of the Notice exercising the right, subject to the right of the Holder(s) of the Convertible Note(s) to exercise the Conversion Right prior to the Redemption Date. Qualified Agents may receive commissions in respect of subscriptions introduced by them by way of cash equal to 8% of funds so introduced, and issuance of agent’s warrants (“Agent’s Warrant(s)”) calculated by reference to 8% of the funds from subscribers introduced by such Agent. Each Agent’s Warrant, which is non-transferable, will be exercisable at the price of $0.09 to acquire a unit comprised of one common share and one-half (1/2) of a non-transferable Agent’s share purchase warrant. Each whole Agent’s share purchase Warrant will be exercisable to purchase one common share at the price of $0.18. The Agent’s Warrants, and any underlying Agent’s share purchase warrants, will expire, if unexercised, on the date that is two years subsequent to the date of issue of the original Agent’s Warrant(s).

Closing of the first tranche of the Placement, with issuance of 5 Convertible Notes, raised a total of $250,000. In connection with the First Closing, cash commissions of $8,000 were paid. Further Closings, which are anticipated over the course of the next few days, will be subject to receipt of subscriptions and a number of other conditions, including, without limitation, the receipt of all relevant regulatory and Stock Exchange approvals or acceptances. Securities issued on Closing will be subject to a four month restriction from trading in accordance with relevant regulatory and stock exchange policies.

Application for Warrant Expiration Date Extension

The Company is also pleased to announce that it is making an Application to the TSX Venture Exchange (“TSXV”) for Acceptance of the proposed extension of the Expiration Date of a series of Warrants issued on July 31, 2020 in connection with a Private Placement completed at that time. Subject to, and conditional on Acceptance by the TSXV, the Company will extend the Expiration dates of a total of 2,600,000 share purchase warrants (“Warrants”) from their original Expiration date of July 31, 2022, to December 31, 2023. Each of the Warrants is exercisable to purchase one common share from the Treasury of MedX at $0.20.

About MedX Health Corp.

MedX, headquartered in Ontario, Canada, is a leading medical device and software company focused on skin health with its SIAscopy® on DermSecure® telemedicine platform, utilizing its SIAscopy® technology. SIAscopy® is also imbedded in its products SIAMETRICS®, SIMSYS®, and MoleMate®, which MedX manufactures in its ISO 13485 certified facility. SIAMETRICS®, SIMSYS®, and MoleMate® include hand-held devices that use patented technology utilizing light and its remittance to view suspicious moles and lesions up to 2mm beneath in a pain-free, non-invasive manner. Its patented software then creates real-time images for physicians and dermatologists to evaluate all types of moles or lesions within seconds. These products are cleared by Health Canada, the U.S. Food and Drug Administration, the Therapeutic Goods Administration and Conformité Européenne for use in Canada, the U.S., Australia, New Zealand, the European Union, Brazil and Turkey. For more information, visit www.medxhealth.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This Media Release may contain forward-looking statements, which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties.

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Bill Mitoulas, Investor Relations
MedX Health Corp.
[email protected]
+1-416-479-9547