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LED Medical Diagnostics raises C$5.5M via private placements

LED Medical Diagnostics Inc. raised about C$5.5 million through a brokered private placement and a concurrent nonbrokered direct private placement financing.

The company issued 12,175,553 convertible preferred shares at 45 Canadian cents each. Holders are entitled to receive a cumulative annual dividend of 2.25 Canadian cents per share, payable quarterly in arrears. The annual dividend may be increased to 5.4 Canadian cents per share, under certain circumstances. The shares are also convertible into LED Medical Diagnostics common shares.

Proceeds will be used to repay about C$2.3 million of LED Medical Diagnostics' debt, for payments related to its previous acquisition of Apteryx Inc. and for general working capital purposes.

Concurrently, the company issued 8,147,071 preferred shares on the same terms, in exchange for about C$3.7 million of its outstanding senior secured debentures.

Canada-based LED Medical Diagnostics provides diagnostic dental imaging products and software.