Imagin Medical Closing Second and Final Tranche of $1,000,000 Private Placement

Imagin Medical (CSE:IME) has announced that further to its press releases of September 26 and October 4, it is closing the second and final tranche of its non-brokered private placement for gross proceeds of $357,060.
As quoted in the press release:

Due to over-subscription, the Company will be closing on a total of 20,000,000 Units for aggregate gross proceeds of $1,000,000.

Each Unit of this Private Placement consists 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 from the date of issue.

Total finders’ fees for Tranche 1 and 2 have been paid in the form of cash in the amount $20,240 and 404,800 finders’ warrants (exercisable at $0.10 per share for 12 months). All securities issued will be subject to a four-month hold period. 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.

“The success of this Private Placement speaks volumes about the confidence our investors have in our technology and the future of the Company in the marketplace,” said Jim Hutchens, Imagin President and CEO.

Click here to read the full press release.