Miraculins Announces Closing of Third Tranche of Non-Convertible Secured Loan
21 Mars 2014 - 2:00AM
Marketwired
Miraculins Announces Closing of Third Tranche of Non-Convertible
Secured Loan
WINNIPEG, MANITOBA--(Marketwired - Mar 20, 2014) - 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 closed the third
tranche under the non-convertible secured loan with a third party
lender (the "Lender") as previously announced on December 23, 2013
(the "Loan"), receiving an advance of CDN$150,000 from the
Lender.
Under the third tranche of the Loan, the Lender purchased a
promissory note with a principal amount of CDN$166,667 for a
purchase price of CDN$150,000. 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 of 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 third tranche of the Loan,
Miraculins issued 75,758 common shares to the Lender. To correct a
prior miscalculation, an additional 17,172 common shares were also
issued in connection with the second tranche of the Loan,
previously announced on February 10, 2014. The common shares are
subject to resale restrictions for a period of four months from the
date of issuance under applicable securities legislation.
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 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 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. 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 approvals to issue common shares to the Lender
in order to complete the shares for debt transactions with the
Lender. 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.
Scout DS® and PreVu® are
registered trademarks of Miraculins Inc. All Rights Reserved.
2014.
Miraculins Inc.Christopher J. MoreauPresident &
CEO204-477-7599204-453-1546info@miraculins.comwww.miraculins.com
Miraculins Inc. (TSXV:MOM)
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