LED Medical Diagnostics Inc. (TSXV:LMD) announced a brokered private placement of up to 12,222,223 convertible preferred shares at a price of CAD 0.45 per share for gross proceeds of CAD 5,500,000.35 on August 31, 2018. The preferred stock carries a fixed dividend of 5% per annum equal to CAD 0.0225 per share and may be increased to an annual dividend of CAD 0.054 per year, subject to conditions. Each preferred stock is convertible into common share of the company and will mature 5 years from the date of closing of the transaction. The preferred stock is redeemable for CAD 0.45 plus any unpaid dividends. The securities are subject to a hold period expiring four months and one day after the closing date. The transaction is expected to close on or about September 4, 2018. The transaction is subject to approval by TSX Venture Exchange.