Friday, October 7, 2016

Imaging Dynamics closes $6-million debenture financing

2016-10-07 09:46 ET - News Release

Mr. Eugene Woychyshyn reports
Subject to TSX Venture Exchange approval, Imaging Dynamics Company Ltd. has closed on a non-brokered private placement financing of secured convertible debentures for gross proceeds of $6-million. IDC intends to use the proceeds for geographic sales and product expansion both internally and were practical strategic acquisitions and investments, and working capital purposes. The Convertible Debentures will mature two years from the date of issue, accrue interest at a rate of 6% per year, payable annually on each anniversary of the closing date, and are convertible into common shares of the Company at the holder's option at a price of $0.125 per common share prior to maturity. The conversion price was amended from $0.11 to $0.125. The Convertible Debentures are subject to a four month and one day hold period.

"I am very pleased to report to our shareholders that our convertible debenture offering has been fully subscribed" said c, IDC's CEO and Chairman. "We are seeing very keen interest in our current and new product offerings and this financing will allow us to expand our sales and marketing initiatives while completing some very exciting new product offerings. There is no question in my mind that significant opportunities are emerging, both in the near term and the longer term, especially in China. This financing will allow us to be well positioned to take advantage of these opportunities." The private placement is considered a "related party transaction" under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101") because it involved the issuance of Convertible Debentures to an insider. IDC is relying on exemptions from the valuation and shareholder approval requirements of MI 61-101, namely the exemptions in Sections 5.5(a) [Fair Market Value Not More Than 25% of Market Capitalization] and 5.5(b) [Issuer Not Listed on Specified Markets] of MI 61-101, and Sections 5.7(a) [Fair Market Value Not More Than 25 Per Cent of Market Capitalization] and 5.7(b) [Fair Market Value Not More Than $2,500,000] of MI 61-101, respectively.

About Imaging Dynamics Company (IDC):
IDC is a global medical imaging technology provider and innovative force in the high growth field of digital radiography (DR) technology. The Company has over 4,000 installations in 50 countries of its proprietary, award winning direct capture DR technology, which replaces conventional film-based diagnostic imaging and provides a cost-effective solution for medical facilities of all sizes to provide high quality diagnostic X-ray images and improve the level of healthcare for their patients.

Throughout its history, IDC has been recognized by multiple industry organizations and research analysts such as: Frost & Sullivan and Deloitte Technology; for its dedication to innovation, global market growth, and customer focused value proposition. The Company has its corporate office in Calgary, Canada, a sales and marketing office in Beijing, China, and also operations, research and development centres in Calgary, Canada and Shanghai, China.
We seek Safe Harbor.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.