HALIFAX, July 25 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR,
NASDAQ: MMIRF), a global market leader in premium rapid diagnostic solutions,
announces its intention to enter into an arrangement for a settlement of
shares for debt with YA Global Investments LP. The Company has submitted a
draw down notice for $104,650 to YA Global Investments LP against its equity
line of credit. Under the terms negotiated in the debenture agreement entered
into on May 23, 2008, YA Global Investments LP will purchase common shares
from MedMira at a price to be calculated based on 96.5% of the daily volume
weighted average price ("VWAP") over a 10 day pricing period, from July 24,
2008 through August 7, 2008. The proceeds from the share purchase will be
applied as a scheduled payment against the convertible debenture. The draw
down is scheduled to be settled on August 8, 2008. The issuance of the MedMira
common shares with respect to this draw down is subject to the approval of the
TSX Venture Exchange.
