Mr. Jim Hutchens reports
IMAGIN MEDICAL CLOSING PRIVATE PLACEMENT
Imagin Medical Inc. has sold 11,722,783 units priced at 22 cents per unit for gross proceeds of $2,579,012 during 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, each warrant entitling the holder to acquire one additional common share of the company at a price of 38 cents 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's president and chief executive officer.
About Imagin Medical Inc.
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 United States, and the most costly cancer to treat due to a greater than 50 per cent recurrence rate. The ultrasensitive imaging technology is based upon improved optical designs and advanced light sensors.
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