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Imagin Medical Receives Approximately $1 Million From Exercise of Warrants
VANCOUVER, British Columbia and BOSTON, Oct. 31, 2018 (GLOBE NEWSWIRE) -- Imagin Medical (CSE: IME) (OTCQB: IMEXF) (Frankfurt & Stuttgart Symbol: DPD2) (“Imagin” or the “Company”) announced today that it has received proceeds of CA$954,854 as a result of the exercise of 9,533,540 previously issued common share purchase warrants (the “Warrants”).
The exercised Warrants were issued in connection with the Company’s public offering of units completed in two tranches in October 2017 and were set to expire on October 5, 2018 and October 16, 2018, respectively. The exercise price of 9,508,540 of the Warrants was $0.10 and 25,000 of the Warrants was $0.16.
No commissions or placement fees have been paid related to the funds received from these exercised Warrants. Proceeds will be used for general corporate purposes.
Following the exercise of these Warrants, Imagin continues to have an aggregate of 22,940,277 share purchase warrants outstanding, with expiry dates ranging from November 2018 to April 2020.
About Imagin Medical
Imagin is developing powerful new imaging solutions for the detection and visualization of cancer. The Company believes its technology will radically improve cancer care during minimally invasive procedures, improving the surgeon’s ability to visualize, identify and remove cancerous cells. Imagin’s initial target market is bladder cancer, the sixth most common cancer in the U.S., and the costliest cancer to treat due to a greater than 50% recurrence rate. Developed at the Lawrence Livermore National Laboratory, Imagin’s advanced, 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. Specifically, there is no assurance the Company’s imaging system will work in the manner expected. 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.
Stephen Kilmer, Investor Relations
Jim Hutchens, President & CEO