HALIFAX, July 30 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR,
NASDAQ: MMIRF), a global market leader in premium rapid diagnostic solutions,
announced today that is has completed the draw down against its equity line of
credit with YA Global Investments LP which was announced on July 7, 2008.
Under the terms negotiated in the equity line, YA Global Investments LP has
purchased 727,169 common shares from MedMira at an average price of $.1439
which is based on the daily volume weighted average price ("VWAP") over a
10 day pricing period, beginning on July 8, 2008 and ending on July 21, 2008
for net proceeds of $104,650. Proceeds from this draw down will be applied as
a principal payment against the convertible debenture from YA Global
Investments LP, entered into on May 23, 2008. The shares issued are not
subject to any hold period by the TSX Venture Exchange or other regulatory
bodies.
