Wednesday, November 30, 2011

BVI company provides 1.5 million financing to Modern Mobility Aids Inc

Modern Mobility Aids Inc., a company engaged in the acquisition of companies in the Bio-Pharma sector, has confirmed the receipt of financing from First Capital Invest Corp (FCIC), a BVI company incorporated under the laws of the British Virgin Islands. Modern Mobility Aids required financing to execute closing agreement to acquire all of the common stock of Canadian molecular diagnostics company LumiGene Technologies Inc.

The acquisition deal is to be closed on 30 November 2011. The term of FCIC engagement with Modern Mobility Aids has commenced on 22 November 2011, and shall provide a term of one year after each draw. Initial draw of USD0.5 million is provided before 28 November 2011. The engagement also has facilities for additional draws of USD 0.25 million each month thereafter, as required, up to the maximum of USD 1.5 million.

First Capital Invest is headquartered in Zollikon, Switzerland.