IMAGIN MEDICAL CLOSES TRANCHE 2 OF PRIVATE PLACEMENTThis should clear the way for the next run !!
Further to its press releases of Sept. 13, 2016, Oct. 20, 2016, and Nov. 1, 2016, Imagin Medical Inc. has closed the final tranche of its private placement, through the issuance of an additional 3,873,605 units at a price of eight cents per units for gross proceeds of $309,888.40.
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, each warrant entitling the holder thereof to acquire one additional common share of the company at a price of 12 cents in the first 12 months and 16 cents 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.