IMAGIN MEDICAL CLOSING TRANCHE 1 AND INCREASING PRIVATE PLACEMENT OFFERING
Vancouver, B.C. and Boston, MA, October 4, 2017 – Imagin Medical (CSE: IME) (OTC PINK: IMEXF) (Frankfurt/Stuttgart Stock Exchanges: DPD2) (the “Company”) announced today that, further to its press release of September 26, 2017, the Company is closing Tranche I of its non-brokered Private Placement with the issuance of 14,658,800 units (the “Units”) priced at $0.05 per Unit for gross proceeds of $732,940. Due to over-subscription, the Company has filed notice with the Canadian Securities Exchange (“CSE”) to increase the Private Placement above $600,000. The second and final tranche will close imminently.
Each Unit of this Private Placement will consist of one common share of the Company and one common share purchase warrant (“Warrant”), each warrant entitling the holder to acquire one additional common share of the Company at a price of $0.10 within the 12 months.
Finders’ fees, in the form of warrants and cash, will be paid upon final closing. Proceeds from the offering will be used for general working capital purposes, including clinical trials and advancing the development of the i/Blue Imaging System.
“We’re very excited about the response to the Private Placement. It expresses confidence the Company,” said Jim Hutchens, Imagin President and CEO.
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
For further information, contact:
Jim Hutchens, President & CEO
Telephone: (617) 571-6006