WINNIPEG, March 13, 2013 /CNW/ - IMRIS Inc. ("IMRIS" or the "Company")
(NASDAQ: IMRS; TSX: IM) today announced that it has priced its
previously announced underwritten public offering of 5,750,000 common
shares at a public offering price of US$3.50 per share. The gross
proceeds to IMRIS, before underwriting commissions and other offering
expenses are expected to be approximately US$20.1 million. IMRIS has
granted the underwriters of the offering an option to purchase up to an
additional 862,500 common shares at the public offering price during
the period ending 30 days from the closing of the offering to cover
over-allotments, if any.
Canaccord Genuity is acting as sole book-running manager for the
offering and Cowen and Company, LLC is acting as co-manager.
IMRIS intends to use the net proceeds from this offering for working
capital and general corporate purposes, including commercialization
activities of new products, research and development programs and
working capital needs. The closing of the offering is expected to occur
on or about March 18, 2013 or such other date that IMRIS and Canaccord
Genuity agree and is subject to certain customary closing conditions,
including the approval of the Toronto Stock Exchange and The NASDAQ
Stock Market.
The offering is being conducted in the United States pursuant to the
Company's effective shelf registration statement filed with the U.S.
Securities and Exchange Commission (the "SEC") and in Canada pursuant
to a final short form base shelf prospectus filed with the securities
regulatory authorities in each of the provinces and territories of
Canada, other than Quebec. The offering is being made only by means of
a prospectus supplement and accompanying final short form base shelf
prospectus. When available, copies of the prospectus supplement and
the accompanying short form base shelf prospectus may be obtained upon
request by contacting Canaccord Genuity Inc., Attention: Syndicate
Department, 99 High Street, 12th Floor, Boston, Massachusetts 02110, or
by telephone at (617) 371-3900. Electronic copies of the preliminary
prospectus supplement and the accompanying short form base shelf
prospectus are, and electronic copies of the prospectus supplement when
available will be, available free of charge at www.sedar.com and www.sec.gov, respectively.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the securities described herein, nor
shall there be any sale of these securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction.
About IMRIS
IMRIS Inc. (NASDAQ: IMRS; TSX: IM) is a global leader in providing image
guided therapy solutions through its VISIUS Surgical Theatre - a
revolutionary, multifunctional surgical environment that provides
intraoperative vision to clinicians to assist in decision making and
enhance precision in treatment. VISIUS Surgical Theatres serve the
neurosurgical, cardiovascular and cerebrovascular markets and have been
selected by leading medical institutions around the world.
For more information, visit www.imris.com
Forward-Looking Statements
This press release may contain or refer to certain information that may
constitute "forward-looking information" and "forward-looking
statements" within the meaning of applicable Canadian and United States
securities laws, including statements regarding the expected closing
date and the anticipated use of proceeds of the offering. These
statements are based upon assumptions that the proposed offering will
be successfully completed on the terms described above. There can be no
assurance that IMRIS will complete the proposed offering. All
statements relating to plans, strategies, projections of results of
specific activities or investments, and other statements that are not
descriptions of historical facts may be forward-looking statements.
Forward-looking statements and information are inherently subject to
risks and uncertainties, and actual results could differ materially
from those currently anticipated due to a number of factors, which
include, but are not limited to, operational risks, the effects of
general economic conditions, changing foreign exchange rates and
actions by government authorities, uncertainties associated with legal
proceedings and negotiations, industry supply levels, competitive
pricing pressures and other risks and uncertainties disclosed under the
heading "Risk Factors" in the Company's short form base shelf
prospectus and the registration statement on Form F-10 related to the
proposed offering, the Company's Annual Information Form in respect of
the year ended December 31, 2012 and the risks and uncertainties
disclosed in the Management's Discussion and Analysis for the year
ended December 31, 2012. Forward-looking statements and information may
be identified by terms such as "may", "will", "should", "continue",
"expect", "anticipate", "estimate", "believe", "intend", "plan" or
"project", or similar terms or the negatives of these terms. Although
we believe that the expectations reflected in the forward-looking
statements and information are reasonable, we cannot guarantee future
results, levels of activity, performance, or achievements. The
Company's forward-looking statements and information reflect the
beliefs, opinions and projections on the date the statements are made.
The Company assumes no obligation to update forward-looking information
should circumstances or management's estimates or opinions change,
except as required by law.
SOURCE: IMRIS Inc.
