DIAGNOS Inc.
TSX VENTURE : ADK

DIAGNOS Inc.

July 21, 2016 15:27 ET

DIAGNOS Inc. Announces Rights Offering

BROSSARD, QUÉBEC--(Marketwired - July 21, 2016) - Diagnos Inc. (TSX VENTURE:ADK) ("Diagnos" or the "Corporation") announces that it will be offering rights ("Rights") to holders ("Shareholders") of its common shares ("Common Shares") of record as at 5:00 p.m. (Montréal time) on July 28, 2016 (the "Record Date"), on the basis of one Right for each Common Share held (the "Rights Offering"). Every two Rights will entitle the holder thereof to subscribe for one Common Share upon payment of the subscription price of $0.04 per Common Share. The Rights Offering will be conducted only in the provinces and territories of Canada (the "Qualified Jurisdictions"). Accordingly, and subject to the detailed provisions of Diagnos' rights offering circular in respect of the Rights Offering (the "Circular"), Rights will not be delivered to, nor will they be exercisable by, persons resident outside the Qualified Jurisdictions. Rather, such Rights may be sold on their behalf.

The Rights will trade on the TSX Venture Exchange ("TSXV") under the symbol "ADK.RT" commencing July 26, 2016 until noon (Montréal time) on September 12, 2016, and the Rights will expire at 5:00 p.m. (Montréal time) on September 12, 2016 (the "Expiry Time"). Rights not exercised prior to the Expiry Time will be void and of no value. Shareholders who fully exercise their Rights will be entitled to subscribe for additional Common Shares, if available, that were not subscribed for by other holders of Rights prior to the Expiry Time. The Common Shares will trade ex-Rights on the TSXV commencing July 26, 2016.

The Corporation has retained the services of Leede Jones Gable Inc. to act as manager in connection with the Rights Offering and the exercise of Rights thereunder.

Complete details of the Rights Offering will be set out in the Circular and the rights offering notice (the "Notice"), which will be available under the Corporation's profile at www.sedar.com. The Notice and accompanying rights certificate ("Rights Certificate") will be mailed to each eligible registered Shareholder ("Registered Shareholder") as at the Record Date. Registered Shareholders who wish to exercise their Rights must complete and forward the Rights Certificate, together with applicable funds to Computershare Investor Services Inc., the rights agent of the Corporation, on or before the Expiry Time. Shareholders who own their Common Shares through an intermediary, such as a bank, trust company, securities dealer or broker, will receive materials and instructions from their intermediary.

There are currently 106,163,823 Common Shares issued and outstanding. If all of the Rights issued under the Rights Offering are validly exercised, the Rights Offering will raise net proceeds of approximately $1,976,065, after deducting the fees of the manager and the expenses of the Rights Offering totalling approximately $147,211.

The Corporation intends to use the net proceeds of the Rights Offering for general working capital, the delivery of healthcare services and healthcare product and business development.

About Diagnos

Diagnos is a publicly-traded Canadian corporation with a mission to improve the quality of patients' lives and minimize the economic burden of vision loss. Computer Assisted Retinal Analysis (CARA) is the Company's proprietary tele-ophthalmology platform that integrates with existing equipment (hardware and software) and processes at the point of care (POC) and comprises: image upload, image enhancement automated pre-screening, grading by a specialist, and referral to a specialist. CARA's image enhancement algorithms make standard retinal images sharper, clearer, and easier to read. CARA is accessible securely over the internet, and is compatible with all recognized image formats and brands of fundus cameras, and is EMR compatible. CARA is a cost-effective tool for screening large numbers of patients, in real-time and has been approved by regulatory authorities including Health Canada, the U.S. Food and Drug Administration, and the European Union.

Forward-looking information

This document contains forward-looking information that involves risks and uncertainties, including without limitation, statements pertaining to the Private Placement and its use of proceeds. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in these statements. Unless required under law, Diagnos will not update this forward-looking information to reflect new events or circumstances

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Andre Larente
    President
    1-877-678-8882 or (450) 678-8882, ext.: 224