VANCOUVER, British Columbia, April 12, 2018 (GLOBE NEWSWIRE) -- Imagin Medical (CSE:IME) (OTC PINK:IMEXF) (Frankfurt:DPD2) (STUT:DPD2) (the “Company”) announced today that, further to its press release of April 3, 2018, the Company is closing 11,722,783 units (the “Units”) priced at $0.22 per Unit for gross proceeds of $2,579,012 of its non-brokered Private Placement. The offering will remain open, and the Company expects to close additional amounts shortly.
Each Unit of this Private Placement will consist 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 $0.38 for 24 months from the date of issue.
Finders’ fees, in the form of warrants and cash, will be paid upon final closing. Proceeds from the offering will be used for advancing the development of the i/Blue Imaging System, the government regulatory approval process, including clinical trials and general working capital purposes.
“This Private Placement solidifies Imagin’s financial position and enables us to focus on driving the Company’s milestones. Achieving our goals will continue to increase the Company’s valuation,” 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. Specifically, there is no assurance the Company’s imaging system will work in the manner expected, 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.
U.S. HQ:
69 Longwood Avenue
Hyannis Port, MA 02647
USA
617-571-6006
CA HQ:
890 West Pender Street, Suite 600
Vancouver, British Columbia
Canada V6C 1J9
778-998-5000; 604-687-1327 (fax)