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.
