HALIFAX, Sept. 29 /CNW/ - MedMira Inc., (“MedMira”) (TSX Venture: MIR, NASDAQ: MMIRF), a developer and marketer of 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 August 27, 2008. Under the terms negotiated in the equity line, YA Global Investments LP has purchased 694,148 common shares from MedMira at an average price of $0.1508 which is based on the daily volume weighted average price (“VWAP”) over a 10 day pricing period, beginning on August 28, 2008 and ending on September 11, 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.
