HALIFAX, Oct. 29 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR,
NASDAQ: MMIRF), a developer and marketer of rapid diagnostics, 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 October 21, 2008 through
November 3, 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 November 4, 2008. The issuance of the MedMira
common shares with respect to this draw down is subject to the approval of the
TSX Venture Exchange.
