SOURCE: Imagin Medical Inc.

Imagin Medical Inc.

October 04, 2017 14:00 ET

Imagin Medical Closing Tranche 1 and Increasing Private Placement Offering

Imagin Medical is the developer of the ultrasensitive i/Blue Imaging System that will establish a new standard of care in detecting cancers and visualizing the surgical field in minimally invasive surgery. The Company's initial focus is bladder cancer.

VANCOUVER, BC and BOSTON, MA--(Marketwired - October 04, 2017) - Imagin Medical (CSE: IME) (CSE: IME.CN) (CNSX: IME) (OTC PINK: IMEXF) (FRANKFURT: 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 in 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

Information set forth in this news release contains forward-looking statements. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information. The CSE has neither approved nor disapproved the information contained herein and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • For further information, contact:
    Jim Hutchens, President & CEO
    Telephone: (617) 571-6006
    Email: jhutchens@imaginmedical.com

    890 West Pender Street, Suite 600
    Vancouver, British Columbia
    Canada, V6C 1J9
    778-998-5000

    69 Longwood Avenue
    Hyannis Port, MA, 02647
    617-571-6006
    www.imaginmedical.com