Imaflex announces private placement

Stock Symbol: IFX 

MONTREAL, May 1, 2013 /CNW Telbec/ - Imaflex Inc. (TSXV: IFX) ("Imaflex" or the "Corporation") is pleased to announce its intention to complete a non-brokered private placement of up to 1,600,000 shares (the "Shares") at a price of $0.50 per Share for maximum proceeds of $800,000 (the "Offering"). The subscription price of the Shares represents a premium of approximately 85% in comparison with the closing price of the Corporation's securities, which have fluctuated in the range of $0.27 to $0.395 within the last 30 days.

It is expected that directors and officers of Imaflex will be subscribing for over 25% of the Offering. As insiders are participating in the Offering, such Offering is considered a "related party transaction" as defined under Regulation 61-101 respecting Protection of Minority Security Holders in Special Transactions ("Regulation 61-101"). The transaction will be exempt from the formal valuation and minority shareholder approval requirements of Regulation 61-101 as neither the fair market value of any shares to be issued to or the consideration to be paid by such persons will exceed 25% of the Corporation's market capitalization.

The proceeds of the financing will be used for working capital purposes.

The Offering is being made on a private placement basis pursuant to registration and prospectus exemptions of applicable securities laws and is subject to acceptance by the TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a four-month and one day hold period.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The statements in this release relating to matters that are not historical facts (including, without limitation, those regarding the timing or outcome of any financing undertaken by the Corporation) are forward-looking statements that involve certain risks, uncertainties and hypotheses, including, but not limited to, general business and economic conditions, the condition of the financial markets, the ability of Imaflex to obtain financing on a favourable terms and other risks and uncertainties.

SOURCE Imaflex Inc.

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