Las Vegas, Nevada, October 13, 2016, Cell MedX Corp. (OTCQB: CMXC), (“Cell MedX” or the “Company”) a development stage company focused on the commercialization of therapeutic devices for patients living with diseases such as diabetes, is pleased to announce that on October 12, 2016, the Company closed a non-brokered private placement offering (the “Offering”) at a price of $0.15 per Unit, by issuing 9,094,605 Units for total gross proceeds of $1,364,191.
Each Unit sold under the Offering consisted of one common share of the Company and one share purchase warrant entitling the holder to purchase one additional common share for a period of five years after closing at an exercise price of $0.50 per share if exercised during the first year, $0.75 per share if exercised during the second year, $1.00 per share if exercised during the third year, $1.25 per share if exercised during the fourth year, and at $1.50 per share if exercised during the fifth year. As part of the Offering, the holders of the notes payable, which were due on demand, chose to convert a total of $1,006,691 owed to them into Units of the Company’s common stock.
The Units were issued pursuant to the provisions of Regulation S of the United States Securities Act of 1933, as amended (the “Act”) to the persons who are not residents of the United States and are otherwise not “U.S. Persons” as that term is defined in Rule 902(k) of Regulation S of the Act.
The Company will use the proceeds from the Offering to fund its current business operations and to continue the ongoing development of a second generation of its eBalance Pro Device, which the Company is planning to use in its current observational clinical trials.
The above does not constitute an offer to sell or a solicitation of an offer to buy any of Cell MedX’s securities in the United States. The securities have not been registered under the U.S. Securities Act and may not be offered or sold within the United States or to U.S. persons unless an exemption from such registration is available.
About Cell MedX Corp. (OTCQB: CMXC)
Cell MedX Corp. is an early development stage company focused on the discovery, development and commercialization of therapeutic products for patients with diseases such as diabetes, by developing technologies to help manage both the illness and related complications. For more information about the Company and its technology please visit our website at: www.cellmedx.com, for the Company’s weekly newsletter, please go to www.cellmedx.com/media/newsletters/
On behalf of the Board of Directors of Cell MedX Corp.
Frank McEnulty
Chief Executive Officer and President.
Forward Looking Statements
This press release contains forward-looking statements. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “expects”, “intends”,”estimates”, “projects”, “anticipates”, “believes”, “could”, and other similar words. All statements addressing product performance, events, or developments that the Company expects or anticipates will occur in the future are forward-looking statements. Because the statements are forward-looking, they should be evaluated in light of important risk factors and uncertainties, some of which are described in the Company’s Quarterly, Annual and Current Reports filed with the United States Securities and Exchange Commission (the “SEC”). Should one or more of these risks or uncertainties materialize, or should any of the Company’s underlying assumptions prove correct, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Company’s forward-looking statements. In particular, the Company’s eBalance Technology is still in development. The Company does not currently have any commercially marketable products based on the eBalance Technology, and there is no assurance that the Company will be successful in its development efforts. Except as required by law, Cell MedX Corp. disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this press release. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. No stock exchange, securities commission or other regulatory body has reviewed nor accepts responsibility for the adequacy or accuracy of this release. Investors are advised to carefully review the reports and documents that Cell MedX Corp. files from time to time with the SEC, including its Annual, Quarterly and Current Reports.