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Millenium Biologix Inc. Closes Debenture Financing of $1 Million And Appoints Medical Capital Advisors As Financial Advisor


9/14/2006 10:36:21 AM

KINGSTON, ONTARIO -- (MARKET WIRE) -- September 13, 2006 -- Millenium Biologix Corporation (TSX: MBC) ("Millenium" or "the Company") today announced that it has closed $1 million of its previously announced convertible debenture financing (the "Debentures") from two of its existing investors. Included in the $1 million is $0.5 million from the conversion of a demand loan from one of the investors. The Debentures are secured by a general charge over the assets of the Company and its subsidiary, subject to existing prior ranking security. The terms of the Debentures were described in press releases issued by the Company on August 16, 2006 and August 31, 2006. As previously disclosed, the conversion price at which the Debentures may be converted into common shares of the Company is $0.03 per share. Each of the 33,333,332 warrants being issued as part of the $1 million Debenture financing may be exercised to acquire common shares at a price of $0.0239 per share during the three year period following closing.

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