MedX Announces Final Acceptance of Issuance of Series II Convertible Loan Notes

MISSISSAUGA, Ontario--(BUSINESS WIRE)--MedX Health Corp. (“MedX” or the “Company”) (TSXV: MDX), a global leader in teledermatology, is pleased to announce that it has received final Acceptance from the TSX Venture Exchange in respect of the Closing of the placement of Series II Convertible Notes that took place on March 21, 2022, and which comprised issuance of 20 Series II Convertible Notes, and raised a total of $1 Million. That Closing was originally announced in the Company’s Press Release dated March 22, 2022.

The Series II Convertible Notes bear interest at 8% per year, payable Half-yearly, and will mature on December 31, 2026 (the “Maturity Date”). The Series II Convertible Notes may be converted, at the option of the Holder, into units at $0.10 per unit (“Series II Unit”) at any time until the Maturity Date. Each Series II Unit will be comprised of One (1) fully paid Common Share and One-half (1/2) of a Series II Share Purchase Warrant. Each whole Series II Share Purchase Warrant will be exercisable to purchase One (1) further Common Share at the price of $0.15, exercisable for a period expiring on the Series II Maturity Date. Additionally, the Company will have the right to force redemption of any Series II Convertible Note(s) then outstanding, on the date that is thirty days after the date of the notice (“Redemption Date”), exercisable at any time after January 1, 2025, and provided that the Company’s common shares have closed at a price of $0.30 or above for thirty consecutive trading days immediately preceding the date of the Notice exercising the right, subject to the right of the Holder(s) of the Series II Convertible Note(s) to exercise the Conversion Right prior to the Redemption Date. In connection with the Closing on March 21, 2022, the Company paid $64,000 in cash commissions and issued 177,778 agent’s warrants (“Agent’s Warrant(s)”). Each Agent’s Warrant, which is non-transferable, is exercisable at the price of $0.09 to acquire a unit comprised of one common share and one-half (1/2) of a non-transferable Agent’s share purchase warrant. Each whole Agent’s share purchase Warrant will be exercisable to purchase one common share at the price of $0.18. The Agent’s Warrants, and any underlying Agent’s share purchase warrants, will expire, if unexercised, on the date that is two years subsequent to the date of issue of the original Agent’s Warrant(s). All the securities issued on the March 21, 2022 Closing are restricted from trading prior to July 21, 2022.

About MedX Health Corp.

MedX, headquartered in Ontario, Canada, is a leading medical device and software company focused on skin health with its SIAscopy® on DermSecure® telemedicine platform, utilizing its SIAscopy® technology. SIAscopy® is also imbedded in its products SIAMETRICS®, SIMSYS®, and MoleMate®, which MedX manufactures in its ISO 13485 certified facility. SIAMETRICS®, SIMSYS®, and MoleMate® include hand-held devices that use patented technology utilizing light and its remittance to view suspicious moles and lesions up to 2mm beneath in a pain-free, non-invasive manner. Its patented software then creates real-time images for physicians and dermatologists to evaluate all types of moles or lesions within seconds. These products are cleared by Health Canada, the U.S. Food and Drug Administration, the Therapeutic Goods Administration and Conformité Européenne for use in Canada, the U.S., Australia, New Zealand, the European Union, Brazil and Turkey. Visit www.medxhealth.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This Media Release may contain forward-looking statements, which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties.