BURNABY, BRITISH COLUMBIA--(Marketwired - June 21, 2013) - LED Medical Diagnostics Inc. ("LED" or the "Company") (TSX VENTURE:LMD)(OTCQX:LEDIF)(FRANKFURT:LME) announces that it has received final approval of the TSX-Venture Exchange to its previously announced and completed non-brokered private placement of 17,000,000 units at an issue price of $0.15 per unit for gross proceeds of $2.55 million. Each unit is comprised of one common share and one common share purchase warrant with each warrant entitling the holder to acquire one common share at an exercise price of $0.20 for a period of 24 months.
All of the securities issued in connection with the private placement are subject to a restricted period that expires four months after the issuance date.
The proceeds will be used by LED to build out LED's internal sales team, support product development and for working capital purposes.
In connection with the private placement, LED has paid total cash commissions of $225,000 and has issued 1,500,000 finder's warrants to two arm's length finders. Each finder's warrant will be non-transferable and exercisable into one common share at an exercise price of $0.20 for a period of 24 months.
About LED Medical Diagnostics Inc.
Founded in 2003 and headquartered in Burnaby, British Columbia, Canada, LED Medical Diagnostics Inc. is a leading developer of LED-based visualization technologies for the medical industry. The Company is currently listed on the Toronto Stock Exchange (TSX-V) under the symbol "LMD", the OTCQX under the symbol "LEDIF", as well as the Frankfurt Stock Exchange under the symbol "LME". For more information, visit www.ledmd.com.
Through its wholly-owned subsidiary, LED Dental Inc., the company manufactures the VELscope® Vx Enhanced Oral Assessment System, the first system in the world to apply tissue fluorescence visualization technology to the oral cavity. VELscope® Vx devices are now used by more than 13,000 dentists in 23 countries to conduct screenings for oral cancer, pre-cancer and other oral tissue abnormalities. For more information, visit www.leddental.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.