Brossard, QC (pcJ News Briefs) – DIAGNOS Inc. (TSX-V: ADK), a leader in early detection of critical health issues through the use of Artificial Intelligence, has completed previously announced private placement of 261 units for $2,610,000 of which gross cash proceeds amount to $2,460,000 following the conversion of one outstanding short term loan into 15 units representing $150,000.
Each debenture unit consists of one secured convertible and redeemable debenture in $10,000 principal amount with a 3-year term and 10% annual interest, and 20,000 warrants with each warrant entitling the holder to purchase one common share at a price of $0.22 per share for a period of 18 months from the date of issuance.
Proceeds will be used to develop new geographical markets and to fund operating and product development expenses.
“We are very satisfied with the outcome of this Private Placement and we are confident that the funds raised will be sufficient to execute our corporate development strategy”, said André Larente, President of DIAGNOS. Cash proceeds will be used to develop new geographical markets, such as the United States of America, and to fund operating and healthcare product development expenses.
DIAGNOS retained the services of Echelon Wealth Partners, Industrial Alliance Securities, Leede Jones Gable (LJG) and Raymond James, to act as referral agents in connection with the financing. Echelon will be paid a commission of $68,600, LJG will be paid a commission of $57,400, Industrial will be paid a commission of $4,900, and Raymond James will be paid a commission of $4,200.
Founded in 1998, DIAGNOS is a publicly traded Canadian corporation with a mission of early detection of critical health issues through the use of its Artificial Intelligence (AI) tool CARA (Computer Assisted Retina Analysis). CARA is a cost-effective tool for screening large numbers of patients, in real-time and has been approved by regulatory authorities including Health Canada, US Food and Drug Administration, the European Union and in Mexico.
photo credit: DIAGNOS