Vancouver, B.C. and Boston, MA, December 9 , 2016 – Imagin Medical (CSE: IME) (OTC PINK: IMEXF) (Frankfurt/Stuttgart Stock Exchanges: DPD2) (the “Company”) announced today that, further to its press releases of September 13, October 20, and November 1, 2016, it has closed the final tranche of its private placement, through the issuance of an additional 3,873,605 units (the “Units”) at a price of Cdn $0.08 per Units for gross proceeds of Cdn $309,888.40 (the “Offering”).
Together with the proceeds from Tranche 1 of $385,800, the Company has now closed on a total of $695,688.40. The Company intends to use these proceeds for general working capital purposes, including advancing the development of the i/Blue Imaging System for the early detection of cancer through the use of endoscopes. All shares issued in connection with the Offering will be subject to a hold period of four months plus a day from the date of issuance and the resale requirements of applicable securities regulations.
Each Unit consists of one common share of the Company and one warrant (“Warrant”), each Warrant entitling the holder thereof to acquire one additional common share of the Company at a price of $0.12 in the first 12 months and $0.16 in the 12 months thereafter.
Finders’ fees in the form of 106,960 warrants and cash payments of $8,556.80 were paid for a portion of the financing attributable to certain finders’ efforts.
About Imagin Medical
Imagin Medical is developing imaging solutions for the early detection of cancer through the use of endoscopes. The Company believes it will radically improve the way physicians detect cancer. 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. Developed at the Lawrence Livermore National Laboratory, this advanced, ultrasensitive imaging technology is based upon improved optical designs and advanced light sensors. Learn more at www.imagindev.wpengine.com.
ON BEHALF OF THE BOARD:
President & CEO
For further information, contact:
Bill Galine, Investor Relations
Telephone: (775) 737-3292
Email: [email protected]
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.