Mednow Inc (OTCMKTS:MDNWF) Stock In Focus After Financing News

Canadian virtual pharmacy operator Mednow Inc (OTCMKTS:MDNWF) is a company which may be worth tracking at this point in time. The company announced yesterday that it had hired the services of Gravitas Securities Inc for the purpose of its offering.

Trading Data

On Tuesday, MDNWF stock ended flat at $0.4000 with more than 3K shares, compared to its average volume of 7.51K shares. The stock moved within a range of $0.4000 – 0.4000 after opening trade at $0.4000.

Mednow Announces Financing by Way of Prospectus Supplement for Proceeds of up to $1,000,000 Led by Gravitas Securities

The company announced that it was planning to make an offering of 2,325,581 units for the price of $0.43 each for the total gross proceeds of as much as $1.000.000. In addition to that, it was also noted that the company had provided the agent, Gravitas, with the option of raising the size of the offering by a maximum of 15%, which could be exercised partly or wholly for a period of 30 days since the closing of the offering.

A unit is going to be made up of a solitary Class A common share in the company and one common share purchase warrant. The holder of a warrant will be entitled to pick up one common share in Mednow for the price of $0.65 up until 5 years from the day of closing of the offering. In light of this announcement, it is going to be interesting to see if there is any demand for the Mednow stock.