Update Re Capital Raising


 

TIDMMVH 
 
RNS Number : 1310O 
Medic Vision Limited 
02 March 2009 
 

Medic Vision Limited 
("Medic Vision" or the "Company") 
 
 
Further update re capital raising (the "Capital Raising") 
 
 
Medic Vision (ASX/AIM: MVH) announces an update on the Capital Raising by 
Grindlays Capital Pty Ltd ("Grindlays") as set out in the announcements of 15 
October 2008, 14 November 2008 and 24 December 2008 and in section 1b of the 
interim results for the period ended 31 December 2008, released earlier today. 
As set out in the announcement of 24 December 2008, Grindlays had confirmed to 
the Company that A$600,000 in committed funds (the "Committed Funds") had been 
received. However, to date, the Company has received only A$100,000 of the 
Committed Funds. Grindlays has repeatedly confirmed to the Company that the 
additional A$500,000 has been raised, but, as yet, the Company has not received 
the funds. The board of the Company (the "Board") has been in negotiations with 
Grindlays as to when these funds will be forthcoming, but has yet to receive a 
satisfactory response from Grindlays and is therefore considering pursuing legal 
action. 
The Board can confirm that, should the funds due from Grindlays not be 
forthcoming, Medic Vision still has sufficient working capital for at least the 
next twelve months. However, the Board believes that in order to commence the 
full roll-out of its skills training centres, as envisaged in the Company's 
business plan, it will need to raise a further A$1,000,000 (assuming the 
outstanding A$500,000 is not received from Grindlays) during the course of 2009. 
To that end, the Company has signed a heads of terms mandate with a private 
equity / private placement partner to raise A$1,000,000 (the "Further Capital 
Raise"). 
Medic Vision will make further announcements to update the market on both the 
progress of its discussions with Grindlays and the Further Capital Raise, as and 
when appropriate. 
 
 
For further information contact: 
 
 
+---------------------------------+----------------------------------------+ 
| Ross Horley                     |                   Tel: +61 3 8508 8288 | 
| Managing Director               |                   Mob: +61 400 209 899 | 
| Medic Vision                    |                                        | 
|                                 |                                        | 
+---------------------------------+----------------------------------------+ 
| Stuart Faulkner / Victoria      |                  Tel: +44 20 7409 3494 | 
| Milne-Taylor                    |                                        | 
| Strand Partners Limited         |                                        | 
|                                 |                                        | 
+---------------------------------+----------------------------------------+ 
| Ruari McGirr                    |                  Tel: +44 20 7628 5582 | 
| St Helen's Capital Plc          |                                        | 
|                                 |                                        | 
+---------------------------------+----------------------------------------+ 
 
 
Background on Medic Vision Limited 
Medic Vision is a technology based company specialising in the application of 
technology for surgical and medical skills training. Medic Vision provides 
consulting services in the development of skills training centres as well as 
developing and deploying computer-based surgical and medical high fidelity 
simulators. 
 
 
See www.medicvision.com.au for more details 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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