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Iii) the claw back of 6.5 million common shares awarded to insiders incorrectly awarded before April 15, 2021,
I hope that's not us!
The United States of America and European patent applications having made significant progress to date.
PureFlowCath Medical Device Update
The Company completed Phase One (and extension), Proof of Concept, work with Paragon Medical in May 2023.
Phase Two will be a significant investment to produce a working prototype suitable for the commencement of testing. The Company is currently scoping the detailed work to be conducted to effectively engage with potential developers ensuring stewardship of the Company funds. The Company’s aim is to progress as quickly as practical but due to the novelty of our product the process of specification, tendering and negotiation will take a few months. Management is aiming to have the contract in place in Q4 2023 but given the complexity it is expected that the contract to develop the Prototype will likely be let early in 2024.
Capital Resources to Fund Working Capital
The Company has agreed terms with CIC Fund Securitisation S.A. to provide debt finance of up to Euro €5,000,000 (the “Facility”) thereby securing working capital funding. The Company has drawn down Euro €1,600,000 to date, fully funding its working capital requirements for 2023 with a cash contingency reserve.
The Company has preserved working capital funds by agreement with CIC Capital Ltd. to convert nine months Transaction Advisor fees to debt notes thereby preserving the outflow of working capital funds. This was an independently approved related party transaction.
We are pleased to advise that existing shareholders have provided additional equity investment during 2023 at the same price per share of 29 cents with a warrant.
Invested Value Risk Minimisation
The Company has provided a risk minimisation mechanism for equity subscribers through a “Top-Up” provision should the listed share price be lower than 29 US cents per share. The Top-Up option will fall away after 30-days post trading.
The Top-Up provision allows for additional shares (rounded up), with warrants, to be issued at a discount of 20% to the current trading price if trading price in less that 29 US cents per share to compensate for the notional reduction of investment.
Value Accretion
Innomed Tech is advancing quickly, progressing on product and corporate fronts, focused on delivering useful medical products and thereby increased shareholder value. Peer analysis shows that on completion of the prototype to medical product, FDA approvals and further patent award will deliver on the potential for significant value accretion.
Peer analysis with medical device companies with approved medical device and all FDA approvals is between US$4 to $16 per share. Please note this is a forward-looking statement and shareholders should not rely on such statements.
www.InnomedTec.com
Billy Williams Disclosure Officer/Director +1 251 786 4695 BWilliams@InnomedTec.com
Today
CORPORATE UPDATE July 26, 2023
InnoMed Tech Ltd is holding Company of medical science companies in the business of creating paradigm shifts in thinking to improve clinical outcomes for medical and surgical patients. The Company’s clinical and business leadership team combines years of experience of corporate, and medical science who along with medical engineers, key advisors, work to solve problems presenting in today’s medical and surgical patient population.
Directors Innomed Tec Ltd. (Parent Co):
Robert L. Rhodes - Australia (CEO)
Terrance A. Larkan - Australia (CFO)
Billy Williams - US
David Toyoda - Canada
Dr Marshall Walker- US
Directors PureFlowCath LLC. (US):
Dr Matthew Mcintyre
Robert L. Rhodes
3 to 2 independent directors
Summary of Operations
InnoMed Tech Ltd. (the “Company”) is pleased to provide an update on the corporate activities and milestones achievements.
TSX Venture Exchange Listing Update
Innomed Tech Limited (the Company) is pleased to announce that we have been given a waiver for the requirement of appointing a regulated Canadian Listing Sponsor. It is estimate that this will save the Company in the order of CAD$180,000 and remove the Canadian Listing Sponsor due diligence proves that could have taken up to six months to complete.
The waiver of the Canadian Listing Sponsor is largely based on the fact that the Company’s Board of Directors and key management personnel have considerable TSX listed company experience.
Once the Regulator (British Columbia Securities Commission) has approved the prospectus, we will push approach the TSX for final listing approval.
Prospectus Regulator Review
InnoMed Tech is pleased to advise that it has filed the updated Prospectus on Monday July 17, 2023.
This updated prospectus reflects new patent awards and financing arrangements. The audited financial statements to December 31, 2023 and six-month interim financial statement to June 30, 2023 are included in draft awaiting final clearance from the statutory auditor, RSM Canada.
The financial statements included for the first time the following:
i) the fist securitisation debt finance loan drawdowns;
ii) appointment of Ernst & Young Luxembourg (top four audit firm) to conduct the financial; accounting treatments for cash subscriber shareholder Top-Up investment protections; and
iii) the claw back of 6.5 million common shares awarded to insiders incorrectly awarded before April 15, 2021,
Patents
The Company’s strategy is to target the investment in patent application processes to those jurisdictions that present the probable markets for production and/or use.
Patent awards have now been received for Canada, Eurasia, Morocco, Panama, Japan, Philippines and Australia.
InnoMed Tech continues to progress the Unite
Thank Ian,
Filing in two weeks updated prospectus with Q2 2023.
Still progressing, all I can say at present.
Stuart
Still here they have just changed the watchlist format, removed some info based on whether suspended or not
Has anyone any info to report?
sparty on ADVFN seems to think LSE closed down this forum.
brought some more
dividend gone to 12% at Friday price.
news next week
Majid Shafiq, CEO: "We have completed the first phase of our 2023 drilling programme, with multiple wells now on clean-up flow and several Clearwater intervals tested, and we are now on course to deliver positive YE2022 financials and reserves data by the end of March."
Thanks for the heads up on 13energy also listed in Canada so I can invest.
Added to my watchlist for now until cash is available.
Still holding, still watching and you know if they’d actually carried out what they said, bought gold miners I’d think with UBS we’d be about to do pretty well. Oh well! Gla
https://youtu.be/NUdcmvuW_m0
I have given up on ever recovering any of my money with Stuart at the helm.
All talk and hot air has happened on many of his updates.
Instead i have invested in a company which potentially recover my losses from here .
Dividend of 10% a year at todays prices.Share price 17.5p company I3energy
Good luck if you invest.
can someone tell me how i go about completing a capital loss.
lost it all.
Stuart only in it for himself.
He only after your money.
I'm completely lost as to whether any of my original shares i own are ever going to be worth anything even if the companies they represent exist.
there is the two cic funds, cic gold etc and all sitting in an account with HL. i remember cic gold, mongolia work, gold, copper etc which in this current market would have been all pretty sound investments however i fear there maybe nothing to come.
then there was the oil in china, gold in china etc again all well worth owning in the current market. i think we can all say we wrote off this investment years ago, lets see maybe by 2030 and Stuart is really rich he may hand out a few pence
You would think with all there hundreds of million whatnots, he could afford to pay out the few hundred thousand quid he owes us, eh?
I’ll pop back next year for another moan, if I’m still alive.
I have a feeling you have been on here before under another alias who later got banned.Six posts eh.
has for years telling us how the company is progressing well etc and is going to list but never has.With a plonker like him we will never relist .It is coming up to nine years since we delisted.The guy is delusional.
Come back in two years and we may still be waiting.
who owns the other 48% ?? shareholders lol doubt it.
fees on flotation
Can you ask him to get someone to proof read as his written English as he replied with mistakes
I'm not sure how that is good news.
The companies that were hived off from CIC Capital for the purpose of financing listings has been shutdown, replaced with 2 private companies that Bromley is the sole share holder of.
Thanks Ian/Stuart, some positive news at last …
https://firmeneintrag.creditreform.de/1313/9370423921/CIC_FUND_SECURITISATION_SA
https://www.securitisation.com/
I notice that the site was updated last August and is more comprehensive.
Thanks Ian,
CIC entities still remain private.
You have dividend share in Innomed Tech Ltd.
Innomed Tech is filing an updated version of its prospectus in the next week or so now advanced. I will forward that as soon as I have filed it and becomes public. CIC Fund Securitisation S.A has approved Euro 5,000,000 debt finance in September 2022. By the 31 Jan 2023 Innomed Tech drew down nearly Euro 1,500,000. and will be reflected in the Feb 2023 prospectus.
CIC Fund Securitisation S.A. has Euro 875,000,000 in deposits for debt finance lending and is making significant lender contracts to which CIC Capital Ltd will be taking those client entities public.
CIC Monetization SA (Luxemburg) has been in development for three years now and CIC Capital Ltd along with Mcquary Bank and JP Morgan is talking the company public in a bought deal in US AT 450 Million. 52% of funds is allocated to buy out 52% equity holding of its single shareholder.
Thank all I can say at this point.
Many thanks
Kind Regards,
Stuart J. Bromley
Mobile Global +44 (0)731 1400014
www.CICCapital.com
www.Securitisation.com
19-25, Rue des Capucins, L-1313 Luxembourg
Bromley resigns all I see happening is this to our shares https://youtu.be/7-9wXQpzESo?list=RD7-9wXQpzESo
No not aware of any share distribution
Have you been issued any innomed shares Bob?
Update from innomedical now available