Calgary, Alberta – TheNewswire - February 17, 2021 - MXT (CNSX:MXT.CN) reports that the SHAMAN development is ahead of schedule and under budget.
Medxtractor originally planned for completion of Phase 1 by April but hard work has resulted in early success allowing for acceleration of the reference database build. Jim Durward, President, states: "In conjunction with the hard work of our people driving the SHAMAN development significantly ahead of schedule, our continuing tight cash flow management has kept our expenditures to date significantly less than expected. Our first record collection phase, named "RRP3", is scheduled to open for participation on February 22, 2021. The RRP3 is the first of a series of reference databases that will form the overall Validated database that underlies the SHAMAN machine-learning prediction engine. The participation portal can be seen at https://shaman-ai.com/how-do-i-get-involved/
The Company also reports that it's divisional operating budgets have been established and the proposed financing related thereto consists of a Private Placement offering of up to 8 million Units at a price of $0.20 per Unit. Each Unit consists of one common share and one common share purchase warrant exercisable at $0.35 for a period of one year. An acceleration clause provides for forced exercise in the event that the common share trading price remains above $0.60 for any five consecutive trading days. The financing provides for up to 8% cash commission and 8% share purchase warrants to qualified parties. Members of MXT's Board of Directors anticipate participation in the Private Placement.
The Existing shareholder exemption and investment dealer exemption
The Offering will be made available to existing shareholders of the Company who, as of the close of business on February 17, 2021, held common shares of the Company (and who continue to hold such common shares as of the closing date), pursuant to the prospectus exemption set out in B.C. Instrument 45-534 -- Exemption From Prospectus Requirement for Certain Trades to Existing Security Holders and in similar instruments in other jurisdictions in Canada. The existing shareholder exemption limits a shareholder to a maximum investment of $15,000 in a 12-month period unless the shareholder has obtained advice regarding the suitability of the investment and, if the shareholder is resident in a jurisdiction of Canada, that advice has been obtained from a person that is registered as an investment dealer in the jurisdiction. If the company receives subscriptions from investors relying on the existing shareholder exemption exceeding the maximum amount of the financing, the company intends to adjust the subscriptions received on a pro rata basis.
The company has also made the Offering available to certain subscribers pursuant to B.C. Instrument 45-536 -- Exemption From Prospectus Requirement for Certain Distributions Through an Investment Dealer. In accordance with the requirements of the investment dealer exemption, the company confirms that there is no material fact or material change about the Company that has not been generally disclosed.
The Offering is subject to all necessary regulatory approvals including acceptance from the Canadian Securities Exchange. All securities issued in connection with the Offering will be subject to a four-month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.
ABOUT MEDXTRACTOR CORP:
The Corporation is a Calgary-based company that generates technology-based solutions. MXT manufactures patented craft-scale bio-extractors that can be used to extract compounds from a variety of botanical materials. The Corporation has installations in multiple countries worldwide. In addition to its extractor operations, the Corporation recently initiated its new SHAMAN development, a validated-data-driven, machine-learning mHealth platform designed to provide, initially, proactive analysis of the potential of psychedelics in mental health treatment regimes.
FOR FURTHER INFORMATION, PLEASE CONTACT:
MEDXTRACTOR CORP.
James M. Durward, President and CEO
Telephone: (403) 689-3901
Website: www.medxtractor.com
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Corporation believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Corporation disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
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