Miraculins Announces Non-Convertible Secured Loan of up to $1M CDN
WINNIPEG, MANITOBA--(Marketwired - Dec 23, 2013) - Miraculins
Inc. (TSX-VENTURE:MOM), ("Miraculins" or the "Company") a medical
diagnostic company focused on acquiring, developing and
commercializing diagnostic and risk assessment technologies for
unmet clinical needs, announces that it has arranged a
non-convertible secured loan of up to CDN$1,000,000 (the "Loan")
with a third party lender, subject to regulatory approval.
Any amounts advanced under the Loan will be evidenced by
promissory notes purchased by the lender at a 10% discount to the
principal amount of the promissory notes. Assuming full draw down
under the Loan, the aggregate purchase price of the promissory
notes will be CDN$900,000. Upon receipt of regulatory approval for
the Loan, the lender will purchase an initial promissory note with
a principal amount of CDN$278,000 for a purchase price of
CDN$250,000. Miraculins will have the option to request the lender
to advance additional tranches under the Loan, which the lender may
approve or reject in its sole discretion. All amounts owing under
the Loan will be due and payable on December 31, 2014 and will bear
interest of 12% per annum, payable quarterly. In addition, any
overdue payment will bear additional interest at a rate 6% per
annum, for a combined interest rate of 18% per annum on any overdue
payment. Subject to regulatory approval, interest payable on the
Loan may be satisfied in common shares of Miraculins in certain
circumstances.
As consideration for providing the Loan, in connection with each
purchase of a promissory note by the lender under the Loan, the
lender will receive, subject to regulatory approval, common shares
of Miraculins equal in value to 10% of the principal amount of the
promissory note based on the closing price of Miraculins' common
shares on the trading day before the purchase of the promissory
note. The common shares will be subject to resale restrictions for
a period of four months from the date of issuance of the common
shares under applicable securities legislation. Subject to
regulatory approval, the lender will receive 556,000 common shares
of Miraculins in connection with its purchase of the initial
promissory note described above.
"During difficult market conditions, it is important for the
Company to be able to continue to access capital for its operations
and growth. In addition, this new loan facility shows continuing
confidence in our technology and in the Miraculins' management
team," said Christopher Moreau, President and CEO of
Miraculins.
The proceeds of the Loan will be used for general operating,
ongoing product development, inventory and sales and marketing
related costs.
About Miraculins Inc.
Miraculins is a medical diagnostic company focused on acquiring,
developing and commercializing non-invasive technologies for unmet
clinical needs. A significant number of promising diagnostic
opportunities remain un-commercialized because of the sizable gap
between the discovery stage, when research institutions are
typically involved, and the commercialization stage, when the
larger commercial enterprises become interested. Miraculins has
direct experience in bridging this gap. The Company's PreVu® POC
Test is a revolutionary new coronary artery disease risk assessment
technology that measures cholesterol levels in a patient's skin
non-invasively, painlessly and without the need for fasting. The
Company's Scout DS® system is the first non-invasive diabetes
testing system designed to provide a highly sensitive and
convenient method for measuring diabetes related biomarkers in the
skin, the accumulation of which are accelerated by abnormal blood
sugar levels and oxidative stress. Unlike current testing methods,
a Scout DS® test requires no blood draw, no fasting, and no waiting
for a lab result. The product has been used and validated in
thousands of patients around the world. The Company's preeclampsia
program is partnered with Alere Inc., one of the world's largest
diagnostic companies. For more information visit
www.miraculins.com.
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.
Caution Regarding Forward-Looking Information
Certain statements contained in this press release
constitute forward-looking information within the meaning of
applicable Canadian provincial securities legislation
(collectively, "forward-looking statements"). These forward-looking
statements include statements regarding the receipt of the
necessary regulatory approval to complete the Loan, the amount to
be advanced under the Loan and the use of proceeds of the Loan.
These forward-looking statements relate to, among other things, our
objectives, goals, targets, strategies, intentions, plans, beliefs,
estimates and outlook, including, without limitation, our
anticipated future operating results, and can, in some cases, be
identified by the use of words such as "believe," "anticipate,"
"expect," "intend," "plan," "will," "may" and other similar
expressions. In addition, any statements that refer to
expectations, projections or other characterizations of future
events or circumstances are forward-looking statements.
These statements reflect management's current beliefs and
are based on information currently available to management. Certain
material factors or assumptions are applied in making
forward-looking statements, and actual results may differ
materially from those expressed or implied in such statements.
Important factors that could cause actual results to differ
materially from these expectations include, among other things:
Miraculins' early stage of development, lack of product revenues
and history of operating losses, uncertainties related to clinical
trials and product development, rapid technological change,
uncertainties related to forecasts, competition, potential product
liability, additional financing requirements and access to capital,
unproven markets, supply of raw materials, income tax matters,
management of growth, partnerships for development and
commercialization of technology, effects of insurers' willingness
to pay for products, system failures, dependence on key personnel,
foreign currency risk, risks related to regulatory matters and
risks related to intellectual property and other risks detailed
from time to time in Miraculins' filings with Canadian securities
regulatory authorities, as well as Miraculins' ability to
anticipate and manage the risks associated with the foregoing.
Additional information about these factors and about the material
factors or assumptions underlying such forward-looking statements
may be found in the body of this news release. Miraculins cautions
that the foregoing list of important factors that may affect future
results is not exhaustive. When relying on Miraculins'
forward-looking statements to make decisions with respect to
Miraculins investors and others should carefully consider the
foregoing factors and other uncertainties and potential events.
These risks and uncertainties should be considered carefully and
prospective investors should not place undue reliance on the
forward-looking statements. Although the forward-looking statements
contained in this press release are based upon what management
believes to be reasonable assumptions, Miraculins cannot provide
assurance that actual results will be consistent with these
forward-looking statements. Miraculins undertakes no obligation to
update or revise any forward-looking statement.
PreVu® and SCOUT DS® are
registered trademarks of Miraculins Inc. All Rights Reserved.
2013.
Miraculins Inc.Christopher J. MoreauPresident &
CEO204-477-7599204-453-1546info@miraculins.comwww.miraculins.com
Miraculins Inc. (TSXV:MOM)
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