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Home arrow BioTech arrow MedMira Announces Draw Down of Equity Line
MedMira Announces Draw Down of Equity Line PDF Print E-mail
Monday, 15 May 2006
MedMira Inc., ("MedMira") (TSX Venture: MIR, NASDAQ: MMIRF) the global market leader in premium rapid diagnostic solutions, announced today that it has submitted a draw down notice for $28,000 to Cornell Capital Partners, LP ("Cornell") against its equity line of credit. Proceeds from this draw down will be applied as a principal payment against the convertible debenture from Cornell announced on February 27, 2006. Under the terms negotiated in the equity line, Cornell will purchase $28,000 of common shares from MedMira at a price which will be calculated based on 96.5% of the daily volume weighted average price ("VWAP") over a 10 day pricing period, beginning on May 16, 2006. The draw down is scheduled to
be settled on May 31, 2006.
        
First Purchasers (as defined in the Prospectus) of MedMira common shares issued in relation to this draw down notice have certain statutory rights of rescission or damages for a period of 40 days from the settlement date. The terms of the equity line financing, and the rights of First Purchasers are described in more detail in a prospectus dated November 21, 2005 (the "Prospectus") which is available on the Company's web site at www.medmira.com and on SEDAR at www.sedar.com.
        
The issuance of the MedMira common shares with respect to this draw down is subject to the approval of the TSX Venture Exchange.
    
About MedMira
    
MedMira is the leading global manufacturer and marketer of in vitro   
flow-through rapid diagnostic tests. MedMira's tests provide reliable, rapid
diagnosis in just 3 minutes for the detection of human antibodies in human
serum, plasma or whole blood for diseases such as HIV and hepatitis C. The
United States FDA and the SFDA in the People's Republic of China have approved
MedMira's Reveal(R) G2 and MiraWell(R) rapid HIV tests, respectively.
        
MedMira's Reveal(R) G2 and MiraWell(R) rapid HIV tests are currently used
in clinical laboratories, hospitals, and clinics where professional
counselling and patient treatment are immediately available.
        
The MiraCare(TM) Rapid HIV Antibody Test is available over-the-counter
(OTC) in pharmacies throughout Hong Kong and Macao Special Administrative
Regions, in the People's Republic of China. MiraCare(TM) is sold through
MedMira's distributor network to pharmacies, hospitals and laboratories in the
European Union.
        
MedMira delivers rapid diagnostic solutions to healthcare communities
around the globe. Its corporate offices and manufacturing facilities are
located in Halifax, Nova Scotia, Canada with a representative office in
Guilin, China.
    
This news release contains forward-looking statements, which involve risk
and uncertainties and reflect the company's current expectation regarding
future events. Actual events could materially differ from those projected
herein and depend on a number of factors including, but not limited to,
changing market conditions, successful and timely completion of clinical
studies, uncertainties related to the regulatory approval process,
establishment of corporate alliances and other risks detailed from time to
time in the company quarterly filings.
    
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this statement.
    
For more information visit MedMira's website at www.medmira.com.

For further information: Dr. James Smith, Investor Relations, Tel:
(902) 450-1588, E-mail: ir@medmira.com; Andrea Young, Corporate
Communications, Tel. (902) 450-1588, Email: ayoung@medmira.com/



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