DIAGNOS Announces Closing of Private Placement
January 13 2023 - 2:12PM
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 the closing, today, of a non-brokered
private placement (“Private Placement”) of 5 units (each a “Unit”)
issued at a price of $50,000 per Unit for gross proceeds of
$250,000. For the period of November 25, 2022 to this date, DIAGNOS
has raised an aggregate amount of $1,100,000 from the issuance of
Units.
Each Unit consists of:
- One unsecured convertible debenture (each a “Debenture”),
and
- 50,000 stock warrants (each a “Warrant”).
Each Debenture has a term of 36 months ending
January 13, 2026 (the “Term”) and bears interest at the annual rate
of 10%. 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 common shares of the Corporation (each a “Share”) at a
price of $0.22 per Share. Any accrued interest on the principal, at
time of conversion, will be immediately payable in cash.
250,000 Warrants have been issued as part of the
Private Placement. Each Warrant entitles the holder to purchase one
Share at a price of $0.26 per Share, for a period of 18 months
ending July 13, 2024. If, at any time following May 14, 2023, the
daily volume weighted average trading price of the Shares is or
exceeds $0.40 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 net proceeds from the Private Placement will
be used mainly to fund product development, commercialization of
AI-based screening services as well as general and administrative
operations.
In connection with the closing of the Private
Placement, the Corporation paid a cash commission of $12,500 to one
qualified firm acting at arm’s length, Optimista consulting
services Inc.
All securities issued as part of the Private
Placement are subject to a statutory hold period ending May
14, 2023.
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.
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. 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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