IMI completes bought-deal private placement financing

Share Name	Share Symbol	Market	Type
Imi International Medical Innovations	AMEX:IME	AMEX	Ordinary Share

Imi Medical Innovations (AMEX:IME)
Historical Stock Chart

From Dec 2019 to Dec 2024

Click Here for more Imi Medical Innovations Charts.

CDN$10 million/US$8.2 million financing positions IMI for future anticipated growth TORONTO, Aug. 30 /PRNewswire-FirstCall/ -- Predictive medicine company IMI International Medical Innovations Inc. (TSX: IMI; Amex: IME) (the "Company" or "IMI") today announced it has completed its previously announced bought-deal private placement financing with a syndicate of underwriters led by Orion Securities Inc. and including Loewen Ondaatje McCutcheon Limited, issuing CDN$10,000,000 (US$8,210,000) of units (the "Units") of the Company for net proceeds of approximately CDN$9,250,000 (US$7,600,000). "We believe that the strong market response to this offering in Canada as well as the U.S. reflects the investment community's confidence in IMI's strategy, opportunities and growth potential," said Dr. Brent Norton, President and Chief Executive Officer. "The proceeds will be used to accelerate the development of IMI's cancer portfolio and to expand our pipeline of technologies. Additionally, our strengthened balance sheet helps to position IMI to pursue new growth initiatives and to commence partnering discussions for our cancer products." Details of the Transaction Each Unit is comprised of a US$1,000 principal amount 7% convertible debenture (the "Debentures") and 157 common share purchase warrants (the "Warrants"), each convertible into one common share of the Company. The Debentures mature on August 30, 2009 and will be convertible into common shares of IMI at CDN$3.47 (US$2.85) at any time following the closing date. The Debentures bear interest at the rate of 7% per annum payable quarterly in cash, or, provided certain conditions are met, at the option of IMI, in common shares, or a combination thereof. Common shares issued in satisfaction of interest payments will have an issue price of 90% of the average of the volume weighted average price of the common shares on the Toronto Stock Exchange for the five trading days immediately prior to the applicable interest payment date. Each Warrant shall have a term of five years and an exercise price of CDN$3.57 (US$2.93). This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. Neither the Debentures nor the Warrants nor the underlying common shares have been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release contains forward-looking statements. These statements involve known and unknown risks and uncertainties, which could cause the Company's actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, among others, the lack of operating profit and availability of funds and resources to pursue R&D projects, the successful and timely completion of clinical studies, the successful development or marketing of the Company's products, reliance on third-party manufacturers, the competitiveness of the Company's products if successfully commercialized, the ability of the Company to take advantage of business opportunities, uncertainties related to the regulatory process, and general changes in economic conditions. In addition, while the Company routinely obtains patents for its products and technology, the protection offered by the Company's patents and patent applications may be challenged, invalidated or circumvented by our competitors and there can be no guarantee of our ability to obtain or maintain patent protection for our products or product candidates. Investors should consult the Company's quarterly and annual filings with the Canadian and U.S. securities commissions for additional information on risks and uncertainties relating to the forward-looking statements. Investors are cautioned not to rely on these forward-looking statements. IMI is providing this information as of the date of this press release and does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise. DATASOURCE: IMI International Medical Innovations Inc. CONTACT: Sarah Borg-Olivier, Director, Communications, T: (416) 222-3449, ; Ron Hosking, Vice President, Finance & CFO, T : (416) 222-3449, ; U.S. Investor, Media Contacts: John Nesbett, Sally Martin, The Investor Relations Group, T: (212) 825-3210, ,

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

IME Imi International Medical Innovations