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NIR Diagnostics (NID.V) Announces Private Placement and Appointment of John Labatt to Board of Directors



12/7/2007 11:32:58 AM

CAMPBELLVILLE, ON, Dec. 7 /CNW/ - NIR Diagnostics Inc. (the "Company") (TSX Venture: NID), an innovator in the development of handheld healthcare diagnostic devices, today announced that it has completed its previously announced non-brokered private placement (the "Private Placement"). On December 6, 2007, the Company issued a secured convertible redeemable debenture ("Debenture") in the amount of $2,200,000 and 11,000,000 common share purchase warrants ("Warrants") to Ventabren Holdings Limited ("Ventabren"), a private company wholly owned by Mr. John H. Labatt. As a result of the financing, Mr. Labatt will become a "Control Person" of the Company under the rules of the TSX Venture Exchange (the "TSX-V").

Read at Canada NewsWire


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