Predictmedix AI Inc. , a leading provider in AI-powered health screening solutions, is pleased to announce the successful closing of the third and the final tranche of its non-brokered private placement, raising total gross proceeds of $100,000 CAD. Notably, $90,000 of the tranche was subscribed by insiders, with Sheldon Kales and Dr. Rahul Kushwah each participating for $45,000, highlighting strong internal confidence in Predictmedix’s future growth and innovation.
$90,000 of the tranche was subscribed by insiders, with Sheldon Kales and Dr. Rahul Kushwah each participating for $45,000, highlighting strong internal confidence in Predictmedix’s future growth and innovation.
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The Company issued 5,000,000 units (“Units”) at a price of $0.02 per Unit, raising $100,000 in this tranche. Each Unit consists of one common share of Predictmedix and one common share purchase warrant. Each full warrant (“Warrant”) entitles the holder to acquire an additional common share at $0.05 per share for a period of 24 months. However, if the volume-weighted average trading price of Predictmedix’s common shares on the CSE exceeds $0.10 for ten consecutive trading days (starting four months and one day after closing), the Company reserves the right to accelerate the warrant expiry date to no less than 30 days from the date of notice.
Additionally, Predictmedix is pleased to announce that fabrication of fifteen Smart Health AI Stations has commenced, with units planned for strategic deployment. These stations are set for strategic deployment, with a primary focus on the United States, where they will be showcased to targeted customers to accelerate market penetration and demonstrate the efficacy of Predictmedix’s AI-driven health management solutions. While the primary emphasis is on the U.S. market, the company may also deploy units in other regions as opportunities arise. Proceeds from the placement will be used to expand market opportunities, prioritizing growth in the U.S. across enterprise and government sectors.
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Insiders’ participation in the Private Placement constitutes a “related party transaction” pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on the exemption from the valuation and minority shareholder approval requirements under MI 61-101, as the fair market value of the Insiders’ participation in the Private Placement does not exceed 25% of the market capitalization of the Company.
All securities issued in connection with the private placement are subject to a statutory hold period of four months and one day from the date of issuance.
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Source – businesswire
