MedX Announces Proposed Secured Convertible Debenture Financing

MISSISSAUGA, Ontario--(BUSINESS WIRE)--MedX Health Corp. (“MedX” or the “Company”) (TSXV: MDX), a global leader in teledermatology, is pleased to announce that it is proposing to complete a private placement financing to raise up to $1.5 million by issuance of one or more Secured Convertible Debentures.

Proposed Secured Convertible Debenture

Under the terms of the proposed placement, which is subject to Acceptance by the TSX Venture Exchange and any other relevant regulatory or other consents and approvals, funding of up to a total of $1.5 million will be advanced on the express basis that funds will be applied specifically and only to the expenses notified to and approved by the Lender(s). Interest will be payable at 8% per year, payable Quarterly. The Convertible Debenture(s) will be secured by a fixed and floating charge over all assets and undertaking of the Borrower, will have a Term expiring on December 31, 2027 and will be subject to customary provisions in the event of default. The Convertible Debenture will be convertible into Units at the option of the Lender(s). Each Unit shall comprise one common share and one share purchase Warrant. The Conversion Price shall be $0.05 per Unit, provided that if the Conversion Right is exercised after November 18, 2023, then the Conversion Price for the remainder of the Term shall be $0.10 per Unit. The Exercise Price of Warrants comprised in Units issuable on Conversion shall be $0.20. The subscriber(s) for the proposed Convertible Debenture(s) will enter into an Intercreditor Agreement with each other and with Forest Lane Holdings Limited, which already holds a $1.5 million Convertible Debenture on identical terms, so that priority and entitlement will be shared amongst all the holders on a pari passu basis. Any securities issued or issuable will be subject to a four month hold period from the original issue date of the Convertible Debenture(s).

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 https://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.