HALIFAX, Aug. 11 /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 August 12, 2008 through August 25, 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 26, 2008. The issuance of the MedMira common shares with respect to this draw down is subject to the approval of the TSX Venture Exchange.
