DIAGNOS Announces Shares for Debt Transaction
February 14 2020 - 3:30PM
DIAGNOS Inc. (“DIAGNOS” or the “Corporation”) (TSX Venture: ADK)
(OTCQB: DGNOF), a leader in early detection of critical health
issues through the use of Artificial Intelligence (AI), announces
today the issuance of 2,222,222 common shares of the Corporation
(each a “Share”), at a deemed price of $0.18 per Share, in
settlement for an outstanding unsecured loan of $400,000.
Satisfying this outstanding indebtedness with
shares was undertaken in order to preserve the Corporation’s cash
for operational purposes.
The holder of the loan eligible to receive
common shares as part of the shares for debt transaction is
considered a “related party” of the Corporation within the meaning
of Multilateral Instrument 61-101 – Protection of Minority Security
Holders in Special Transactions (“MI 61-101”). The shares for debt
transaction is exempt from the valuation requirement and the
minority approval requirement prescribed in MI 61-101 based on the
fact that the fair market value of the related party participation
in the shares for debt transaction does not exceed 25% of the
Corporation’s market capitalization.
Shares issued as part of the shares for debt
transaction are subject to a statutory four-month hold period until
June 15th, 2020.
The issuance of shares is subject to receipt of
all required approvals, including the approval of the TSX Venture
Exchange, as well as the execution of formal documentation.
All monies quoted in this press release shall be
stated and paid in lawful money of Canada.
About DIAGNOSDIAGNOS 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
tele-ophthalmology platform that integrates with existing equipment
(hardware and software) and processes at the point of care. CARA’s
Artificial Intelligence image enhancement algorithms make standard
retinal images sharper, clearer and easier to read. CARA is
accessible securely over the internet, and is compatible with all
recognized image formats and brands of fundus cameras, and is EMR
compatible. CARA is a cost-effective tool for screening large
numbers of patients in real-time and has been cleared for
commercialization by several regulatory authorities such as Health
Canada, the U.S. Food and Drug Administration and the European
Union.
Additional information is available at
www.diagnos.com and www.sedar.com.
This news release contains forward-looking
information. There can be no assurance that forward-looking
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in these
statements. DIAGNOS disclaims any intention or obligation to
publically update or revise any forward-looking information,
whether as a result of new information, future events or otherwise.
The forward-looking information contained in this news release is
expressly qualified by this cautionary statement.
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.
For further information, please contact:
Mr. André Larente, President
DIAGNOS Inc.
Tel: 450-678-8882 ext. 224
alarente@diagnos.ca
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