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IME Closes Oversubscribed Private Placement

By 19 April 2018August 26th, 2021No Comments

Vancouver, B.C. and Boston, MA, April 19, 2018 – Imagin Medical, Inc. (CSE: IME) (OTC PINK: IMEXF) (Frankfurt/Stuttgart Stock Exchanges: DPD2) (the “Company”) announces that, further to its press releases of April 3 and April 12, 2018, the Company is closing Tranche 2 of its non-brokered private placement, issuing 6,197,037 Units at $0.22 per Unit for proceeds of $1,363,648. This brings the total offering to 17,919,820 Units for aggregate gross proceeds of $3,942,360. 

The Private Placement was originally announced as a $3,500,000 offering. The placement has been oversubscribed, resulting in the issuance of an additional 2,010,729 Units for $442,360. Proceeds from the offering will be used for general working capital purposes, including advancing the development of the i/Blue Imaging System, the regulatory approval process and on-going clinical trials. 

Each Unit of this Private Placement consists of one common share of the Company and one common share purchase warrant, each warrant entitling the holder to acquire one additional common share of the Company at a price of $0.38 within 24 months from the date of issue. 

Total finders’ fees will be paid in the form of cash in the amount of $210,256.27 and 1,117,110 finders’ warrants (exercisable at $0.38 per share for 24 months). All securities issued will be subject to a four-month hold period. 

The Company also announced today that, pursuant to the Company’s Stock Option Plan, an aggregate of 2,750,000 options have been granted to certain directors, officers and consultants. The options are exercisable at $.31 per share for a period of five years. 

“The success of this private placement strengthens Imagin’s financial position and our ability to drive the i/Blue technology to the marketplace,” said Jim Hutchens, Imagin President and CEO. “We appreciate our investors’ confidence.” 

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 {00984140;1} 

For further information, contact: 

Jim Hutchens, President & CEO
Telephone: 617-571-6006
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. 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)