MedX Health raises $527,500 in initial private placement closing

MedX Health Corp. (TSX-V: MDX) completed an initial closing of its non-brokered private placement, raising $527,500 through the issuance of 7,033,000 units to accredited investors.

The company issued units at $0.075 each, with each unit comprising one common share and half of a share purchase warrant. The warrants are exercisable at $0.10 per share for one year from the date of issue.

MedX announced it received conditional acceptance from the TSX Venture Exchange to extend the ultimate closing date for the private placement to November 7, 2025. The company aims to raise a maximum of $2,500,000 through the issuance of up to 33,333,334 units.

No commissions were paid and no agent's warrants were issued for the initial closing. Securities issued are subject to a four-month-and-one-day regulatory hold period from the date of issuance.

For future closings involving qualified agents, the company will pay cash commissions equal to 8% of gross proceeds from units sold to subscribers introduced by such agents. Agent's warrants equal to 8% of subscriptions introduced by agents will also be issued, exercisable at CAD$0.09 for one year.

The company stated that certain insiders may participate in the placement, in which case it will rely on exemptions from formal valuation and minority shareholder approval requirements under Multilateral Instrument 61-101.

MedX indicated the funds will support continued development of its SIAscopy technology on the DermSecure telemedicine platform, expansion into the occupational health marketplace, and general corporate purposes.

The Mississauga, Ontario-based company develops non-invasive skin assessment and teledermatology technology. Its products have regulatory clearances for use in 38 territories including Canada, the United States, Australia, and the European Union.

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