Update Re Capital Raising
02 Março 2009 - 9:30AM
UK Regulatory
TIDMMVH
RNS Number : 1310O
Medic Vision Limited
02 March 2009
Medic Vision Limited
("Medic Vision" or the "Company")
Further update re capital raising (the "Capital Raising")
Medic Vision (ASX/AIM: MVH) announces an update on the Capital Raising by
Grindlays Capital Pty Ltd ("Grindlays") as set out in the announcements of 15
October 2008, 14 November 2008 and 24 December 2008 and in section 1b of the
interim results for the period ended 31 December 2008, released earlier today.
As set out in the announcement of 24 December 2008, Grindlays had confirmed to
the Company that A$600,000 in committed funds (the "Committed Funds") had been
received. However, to date, the Company has received only A$100,000 of the
Committed Funds. Grindlays has repeatedly confirmed to the Company that the
additional A$500,000 has been raised, but, as yet, the Company has not received
the funds. The board of the Company (the "Board") has been in negotiations with
Grindlays as to when these funds will be forthcoming, but has yet to receive a
satisfactory response from Grindlays and is therefore considering pursuing legal
action.
The Board can confirm that, should the funds due from Grindlays not be
forthcoming, Medic Vision still has sufficient working capital for at least the
next twelve months. However, the Board believes that in order to commence the
full roll-out of its skills training centres, as envisaged in the Company's
business plan, it will need to raise a further A$1,000,000 (assuming the
outstanding A$500,000 is not received from Grindlays) during the course of 2009.
To that end, the Company has signed a heads of terms mandate with a private
equity / private placement partner to raise A$1,000,000 (the "Further Capital
Raise").
Medic Vision will make further announcements to update the market on both the
progress of its discussions with Grindlays and the Further Capital Raise, as and
when appropriate.
For further information contact:
+---------------------------------+----------------------------------------+
| Ross Horley | Tel: +61 3 8508 8288 |
| Managing Director | Mob: +61 400 209 899 |
| Medic Vision | |
| | |
+---------------------------------+----------------------------------------+
| Stuart Faulkner / Victoria | Tel: +44 20 7409 3494 |
| Milne-Taylor | |
| Strand Partners Limited | |
| | |
+---------------------------------+----------------------------------------+
| Ruari McGirr | Tel: +44 20 7628 5582 |
| St Helen's Capital Plc | |
| | |
+---------------------------------+----------------------------------------+
Background on Medic Vision Limited
Medic Vision is a technology based company specialising in the application of
technology for surgical and medical skills training. Medic Vision provides
consulting services in the development of skills training centres as well as
developing and deploying computer-based surgical and medical high fidelity
simulators.
See www.medicvision.com.au for more details
This information is provided by RNS
The company news service from the London Stock Exchange
END
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