DIAGNOS Announces Closing of Private Placement and New Marketing Director
March 28 2022 - 4:15PM
DIAGNOS Inc. (“DIAGNOS” or the “Corporation”) (TSX Venture: ADK)
(OTCQB: DGNOF), a leader in early detection of critical health
issues through the use of its FLAIRE platform based on Artificial
Intelligence (AI), announces that it has closed a second and final
tranche of a non-brokered private placement (“Private Placement”)
of 34 additional units (each a “Unit”) at a price of $10,000 per
Unit for gross proceeds of $340,000. Combined with the announcement
of the closing of the first tranche on March 1, 2022, the
aggregate gross proceeds of the Private Placement amount to
$930,000. Each Unit consists of:
- One unsecured convertible Debenture (each a “Debenture”),
and
- 2,500 stock warrants (each a “Warrant”) with an exercise price
of $0.33 per common share of the Corporation (each a “Share”).
Each Debenture has a term of 36 months ending
March 25, 2025 and bears interest at the annual rate of 8%. At the
option of the holder of the Debenture, the principal amount of the
Debenture may be converted at any time during the term into Shares
at a price of $0.38 per Share. Any accrued interest on the
principal, at time of conversion, will be immediately payable in
cash.
Each Warrant entitles the holder to purchase one
Share at a price of $0.33 per Share, for a period of 18 months
ending September 25, 2023. If, at any time following July 26, 2022,
the daily volume weighted average trading price of the Shares is or
exceeds $0.50 for 15 consecutive trading days, the Corporation
shall have the option to accelerate the expiry of the Warrants. If
the Corporation chooses to exercise the acceleration right, the new
expiry date of the Warrants will be the 30th day following the
notice of such exercise.
The proceeds from the Private Placement will be
used mainly to fund product development, commercialization of
AI-based screening services as well as administrative expenses.
In connection with the private placement, the
Corporation paid cash commissions totalling $17,000 to two
qualified persons (each a “Finder”) and issued 44,736 broker
warrants to the Finders. Each broker warrant entitles the Finder to
purchase one Share at an exercise price of $0.33 per Share for a
period of 18 months ending September 25, 2023.
All securities issued as part of the Private
Placement are subject to a statutory hold period ending
July 26, 2022.
The Private Placement remains subject to receipt
of all required approvals, including the approval of the TSX
Venture Exchange, as well as full receipt of funds and execution of
formal documentation.
All monies quoted in this press release shall be
stated and paid in lawful money of Canada.
DIAGNOS is pleased to welcome Martin Beland
onboard as its new Director of Marketing. Martin is a seasoned
marketing leader with over 20 years of strategic marketing
experience. In his new role, Martin will be responsible for the
planning, development and execution of the Corporation’s marketing
strategy, with an emphasis on building a strong product image and
on supporting international revenue growth opportunities.
About DIAGNOS DIAGNOS is a publicly traded
Canadian corporation dedicated to early detection of critical
health problems based on its FLAIRE Artificial Intelligence (AI)
platform. FLAIRE allows for quick modifying and developing of
applications such as CARA (Computer Assisted Retina Analysis).
CARA’s image enhancement algorithms provide sharper, clearer and
easier-to-analyze retinal images. CARA is a cost-effective tool for
real-time screening of large volumes of patients. CARA has been
cleared for commercialization by the following regulators: Health
Canada, the FDA (USA), CE (Europe), COFEPRIS (Mexico) and Saudi FDA
(Saudi Arabia). Additional information is available at
www.diagnos.ca and www.sedar.com.
This press release contains forward-looking
information. We cannot guarantee that the forward-looking
information mentioned will prove to be accurate, as there may be a
significant discrepancy between actual results or future events and
those mentioned in this statement. DIAGNOS disclaims any intention
or obligation to publicly 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
press release is expressly covered by this caution.
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.
For further information, please contact:
Mr. André Larente, President
DIAGNOS Inc.
Tel: 450-678-8882 ext. 224
alarente@diagnos.ca
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