MedX Announces Final Closing of Non-Brokered Private Placement
MISSISSAUGA, Ontario, June 09, 2025--(BUSINESS WIRE)--MedX Health Corp. ("MedX" or the "Company") (TSX-V: MDX) is pleased to announce that, further to its Press Releases dated April 7, and May 22, 2025, announcing an Initial Closing and further Closing, it has completed a final Closing of the Non-brokered Private Placement to accredited investors originally announced in its Press Release dated February 25, 2025. The Final Closing comprised the issuance of 8,678,571 Units (as described below) and raised cash proceeds of $607,500, bringing the total amount raised in the Placement to $2,063,500. Securities issued are subject to a regulatory "hold" period of four months and one day from the date of issuance. Under this Non-Brokered Private Placement, the Company issued a total of 29,478,571 Units at $0.07 per Unit ("Unit"). Each Unit is comprised of One (1) fully paid common share and One (1) Share Purchase Warrant ("Warrant(s)"), exercisable to purchase One (1) further Common Share at the price of $0.09, during the period of one year commencing on the date of issuance. Three Insiders participated in this Placement to the extent of $500,000, for the acquisition of a total of 7,142,857 Units. In connection with the issuance of Units to those Insiders, the Company relies on exemptions from formal valuation and minority shareholder approval requirements set out in Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). as (i) the fair market value of the proposed placement to the Insiders does not exceed 25% of the market capitalization of the Company and (ii) the conditions in section 5.7(1)(a), section 5.7(1)(b) and section 5.7(1)(e) of MI 61-101 are met.
Qualified agents received total cash commissions of $15,880, (equal to 8% of the gross proceeds received by the Company from the sale of the Units to subscribers introduced by such agent(s)), and 226,857 agent's warrants ("Agent's Warrant(s)") (equal to 8% of subscriptions introduced by such agent(s)). Each Agent's Warrant, which is non-transferable, entitles the holder to acquire, at the price of CAD$0.07, a unit, comprised of One (1) fully paid Common Share and one (1) non-transferable share purchase warrant ("Agent's Share Purchase Warrant"), entitling the holder to acquire one additional Common Share at the price of CAD$0.09. The Agent's Warrants and any Agent's Share Purchase Warrants that may be issued pursuant to exercise of an Agent's Warrant, if not exercised, will expire one year following the date of issuance.
Funds raised in this Placement are being be directed towards continuing development of the Company's leading edge SIAscopy® on DermSecure® telemedicine platform, building out the launch of its technology into the occupational health marketplace, and general corporate purposes.
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 up to 2 mm beneath suspicious moles and lesions in a pain free, non-invasive manner, with its software then creating 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 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250609640146/en/
Contacts
MedX Health Corp.Mike Druhan, President, Dermatological Servicesmike.druhan@medxhealth.com (+1) 905-599-7852
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Table 55 Edikan key production indicators – five-year outlook KEY PRODUCTION INDICATORS UNITS FY26 FY27 FY28 FY29 FY30 TOTAL 5 YEAR OUTLOOK Open Pit Ore Mined – Open pit Mt 5.7 6.4 4.3 4.5 1.4 22.4 Ore Grade Mined – Open pit g/t 0.90 0.90 0.92 1.24 2.44 1.07 Total Mined – Open pit Mt 15.6 34.2 16.9 8.0 1.8 76.6 Strip Ratio t:t 1.73 4.36 2.95 0.78 0.23 2.43 Underground Ore tonnes – Underground Mt – – 0.2 1.3 1.2 2.7 Ore Grade Mined – Underground g/t – – 1.68 1.82 2.08 1.93 Total Tonnes Mined – Underground Mt – – 0.5 1.7 1.3 3.5 Milling Ore Milled Mt 7.4 7.5 5.4 5.8 3.5 29.7 Ore Grade Milled g/t 0.81 0.84 0.79 0.93 1.14 0.88 In addition to these open-pit sources, Perseus is progressing an updated Feasibility Study for the Esuajah South underground deposit, with a view to bringing this project into production later in the decade. If approved through to development, Esuajah South would become the company's second underground mine and its first such operation in Ghana. The combination of Fetish, Esuajah North, and Esuajah South underground has extended the life of mine plane out to FY32. Perseus remains committed to brownfields exploration on its existing mining leases and exploration licences at Edikan to support ongoing production growth and to extend the Edikan production pipeline over the longer term. Sissingué Sissingué's updated five-year outlook involves the continuation of mining at Sissingué Stage 4 open pit and commencement of new mining areas at Bagoé and Airport West (included in Sissingué in Figure 5 ) in FY26, as well as a Sissingué Stage 5 open pit cutback in FY27. This plan extends Sissingué's mine life to FY30, producing a total 265koz – 275koz of gold at a weighted average AISC of US$1,580/oz – US$1,680/oz over this period. Figure 5 Sissingué Gold Mine – Percentage five-year metal production by source Following an assessment of growth opportunities on site, additional mining inventory was included in the life of mine plan from the Sissingué Stage 5 pit. The addition of the expanded pit in the five-year outlook extends the mine life by approximately 12 months out to FY30, providing a meaningful contribution to Sissingué's production profile from existing mining areas. As part of this assessment other growth options were considered but were not included in the plan, as they require further technical assessment to confirm their economic feasibility. Table 66 Sissingué key production indicators – five-year outlook KEY PRODUCTION INDICATORS UNITS FY26 FY27 FY28 FY29 FY30 TOTAL 5 YEAR OUTLOOK Open Pit Ore Mined – Open pit Mt 1.6 1.3 0.5 0.6 0.2 4.2 Ore Grade Mined – Open pit g/t 1.94 1.86 2.39 2.18 2.34 2.03 Total Mined – Open pit Mt 10.2 9.1 8.0 4.0 0.6 31.9 Strip Ratio t:t 5.40 6.22 14.86 5.43 1.77 6.60 Milling Ore Milled Mt 1.6 1.5 1.4 1.0 0.3 5.7 Ore Grade Milled g/t 1.83 1.67 1.35 1.68 1.86 1.65 Infill drilling is included in Sissingué's FY26 budget to confirm the mineralisation and design parameters for the Sissingué Stage 5 pit along with further geotechnical and grade control programmes at Bagoé and Airport West that are intended to further reduce operational risk. This market announcement was authorised for release by Perseus's Managing Director and CEO, Jeff Quartermaine . COMPETENT PERSON STATEMENT All production targets referred to in this release are underpinned by estimated Ore Reserves and Measured or Indicated Mineral Resources which have been prepared by competent persons in accordance with the requirements of the JORC Code. Edikan The information in this report that relates to the Mineral Resources and Ore Reserve at Edikan was updated by the Company in a market announcement 'Perseus Mining updates Mineral Resources and Ore Reserves' released on 21 August 2024. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in 'Technical Report — Edikan Gold Mine, Ghana' dated 7 April 2022 continue to apply. Sissingué, Fimbiasso and Bagoé The information in this report that relates to the Mineral Resources and Ore Reserve at the Sissingu é Gold Mine including Fimbiasso and Bagoé was updated by the Company in a market announcement 'Perseus Mining updates Mineral Resources and Ore Reserves' released on 21 August 2024. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in 'Technical Report — Sissingué Gold Project, Côte d'Ivoire' dated 29 May 2015 continue to apply. Yaouré The information in this report that relates to the Mineral Resources and Ore Reserve at Yaour é was updated by the Company in a market announcement 'Perseus Mining announces Open Pit and Underground Ore Reserve update at Yaour é ' released on 21 August 2024. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in 'Technical Report — Yaour é Gold Project, Côte d'Ivoire' dated 19 December 2023 continue to apply. Nyanzaga The information in this report that relates to the Mineral Resources and Ore Reserve at Nyanzaga was updated by the Company in a market announcement 'Perseus Mining proceeds with development of the Nyanzaga Gold Project' released on 28 April 2025 . The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in 'Technical Report — Nyanzaga Gold Project' dated 10 June 2025 continue to apply. CAUTION REGARDING FORWARD LOOKING INFORMATION: This report contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Assumptions have been made by the Company regarding, among other things: the price of gold, continuing commercial production at the Yaouré Gold Mine, the Edikan Gold Mine and the Sissingué Gold Mine without any major disruption, development of a mine at Nyanzaga, the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. Readers should not place undue reliance on forward-looking information. Perseus does not undertake to update any forward-looking information, except in accordance with applicable securities laws. ASX/TSX CODE: PRU CAPITAL STRUCTURE: Ordinary shares: 1,362,221,512 Performance rights: 10,056,681 REGISTERED OFFICE: Level 2 437 Roberts Road Subiaco WA 6008 Telephone: +61 8 6144 1700 DIRECTORS: Rick Menell Non-Executive Chairman Jeff Quartermaine Managing Director & CEO Amber Banfield Non-Executive Director Elissa Cornelius Non-Executive Director Dan Lougher Non-Executive Director John McGloin Non-Executive Director CONTACTS: Jeff Quartermaine Managing Director & CEO [email protected] Stephen Forman Investor Relations +61 484 036 681 [email protected] Nathan Ryan Media Relations +61 420 582 887 [email protected] Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
