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Diagnos plans to raise A$1.2M in private placement

Diagnos Inc. said it plans to raise up to A$1.2 million in gross proceeds in a private placement.

The Canadian healthcare technology company will offer up to 24 units for A$50,000 per unit.

Each unit consists of 200,000 stock warrants as well as one debenture with a three-year term, with principal of A$50,000 plus 10% annual interest. Each warrant can be used to buy 1 common share at 15 cents per share for 18 months from the issuance date.

The principal amount of the debentures can be converted during the three-year term into company shares for 10 cents per share.

The placement is expected to close on June 15.

The company will use proceeds to grow in new geographical markets and to fund operating and product development expenses.

Diagnos' healthcare segment offers a software tool which assists in the detection of diabetic retinopathy, a complication of diabetes that affects patients' eyes.