ChroMedX Announces Closing of Private Placement

 

TORONTO, ON / February 2, 2017 / ChroMedX Corp. (CNSX: CHX) (OTCQB: MNLIF) (FSE: EIY2) (the "Company") is pleased to announce that it has closed the second and final tranche of its previously announced non-brokered private placement (the "Offering") by issuing 4,073,667 units ("Units") at a price of $0.15 per Unit for aggregate gross proceeds of $611,050.05. Each Unit is comprised of one common share of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to acquire one Common Share at a price of $0.20 for a period of eighteen (18) months from the closing of the Offering.

The securities issued in connection with the Offering will be subject to a hold period of four months plus a day from the date of issuance pursuant to applicable securities laws. The proceeds of the Offering will be used for developing prototypes, marketing and general working capital purposes.

Certain eligible persons (the "Finders") were paid a cash commission equal to 8% of the proceeds raised from subscribers introduced to the Company by such Finder, and also issued broker warrants (the "Broker Warrants") equal to 8% of the securities purchased by such subscribers. Each Broker Warrant entitles the holder thereof to purchase one Common Share at a price of $0.20 for a period of eighteen (18) months from the closing of the Offering.

About ChroMedX Corp.

ChroMedX Corp. is a medical technology company focused on the development of novel medical devices for in vitro diagnostics and point-of-care testing. The devices are protected by the Company's issued and pending patents, dealing with blood collection, analysis and plasma/serum processing.