HALIFAX, Aug. 15 /CNW/ - MedMira Inc., (“MedMira”) (TSX Venture: MIR, NASDAQ: MMIRF), a developer and marketer of rapid diagnostics, announces today that it has entered in to an agreement in principal with an investor for the issuance of a CDN $650,000 convertible debenture. Under the terms of the agreement, the debenture will bear interest of 9% per annum and will mature four years from the date of close. The debenture is convertible in whole or in part into common shares of MedMira at $0.15 per share during the first two years. The conversion price will increase by 10% in year three and increase by an additional 10% in year four. This agreement is subject to approval of the TSX.
