VANCOUVER, BC and BOSTON, MA--(Marketwired - October 13, 2017) - Imagin Medical, Inc. (CSE: IME) (OTC PINK: IMEXF) (FRANKFURT: DPD2) (the "Company") announced today that, further to its press releases of September 26 and October 4, 2017, the Company is closing the second and final Tranche of its non-brokered Private Placement with the issuance of 7,141,200 units (the "Units") priced at $0.05 per Unit for gross proceeds of $357,060. Due to over-subscription, the Company will be closing on a total of 20,000,000 Units for aggregate gross proceeds of $1,000,000.
Each Unit of this Private Placement consists of one common share of the Company and one common share purchase warrant ("Warrant"), each warrant entitling the holder to acquire one additional common share of the Company at a price of $0.10 within the 12 months from the date of issue.
Total finders' fees for Tranche 1 and 2 have been paid in the form of cash in the amount $20,240 and 404,800 finders' warrants (exercisable at $0.10 per share for 12 months). All securities issued will be subject to a four-month hold period. Proceeds from the offering will be used for general working capital purposes, including clinical trials and advancing the development of the i/Blue Imaging System.
"The success of this Private Placement speaks volumes about the confidence our investors have in our technology and the future of the Company in the marketplace," said Jim Hutchens, Imagin President and CEO.
About Imagin Medical
Imagin Medical is developing imaging solutions for minimally invasive surgical procedures where endoscopes are used. The Company believes it will radically improve the way physicians detect cancer and view the surgical field. Imagin's initial target market is bladder cancer, a major cancer worldwide, the sixth most prevalent in the U.S., and the most costly cancer to treat due to a greater than 50% recurrence rate. The ultrasensitive imaging technology is based upon improved optical designs and advanced light sensors. Learn more at www.imaginmedical.com.
Information set forth in this news release contains forward-looking statements. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information. The CSE has neither approved nor disapproved the information contained herein and does not accept responsibility for the adequacy or accuracy of this news release
For further information, contact:
President & CEO
Telephone: (617) 571-6006
890 West Pender Street, Suite 600
Vancouver, British Columbia
Canada, V6C 1J9
133 Hampshire Road
Wellesley, MA, 02481, USA