Business
IDC Announces TSXV Approves the Financing of its IDC Shanghai Subsidiary and Trading is Reinstated
(via TheNewswire) Calgary, Alberta / TheNewswire / August 29, 2018 - Imaging Dyn...
About this update from Imaging Dynamics Company, Ltd.
[{"type":"text","content":"IDC Announces TSXV Approves the Financing of its IDC Shanghai Subsidiary and Trading is Reinstated(via TheNewswire)\n\n \n\n\n \n \nCalgary, Alberta / TheNewswire / August 29, 2018 - Imaging Dynamics Company Ltd. (\"IDC\" or the \"Company\") (TSXV:IDL) today is pleased to announce that the TSX Venture Exchange has approved the financing arrangement of IDC's subsidiary, IDC Shanghai. The financing was subject to shareholder approval and was satisfied by receiving written shareholder consent.\n\n \n \nTrading for IDC will be reinstated on Wednesday, August 29th, 2018 on the TSXV. \n\n \n \nUpdate on the Financing Transaction\n\n \n \nOn May 11, 2018, the Company announced the financing of its wholly-owned Subsidiary, IDC Shanghai had closed (the \"Transaction\") effective May 2nd, 2018. IDC Shanghai entered into a financing arrangement with Beijing Sheng Zexin Technology Development Co (\"BSZ\"), Beijing Xiangyuda Technology Co. (\"BXT\"), and Shanghai FuLi Medical Technology Limited Partnership (\"FuLi\") (collectively, the \"Investors\"). The financing arrangement will result in the following ownership structure: BSZ - 36.5%, BXT - 30.5%, FuLi - 13% and IDC 20%, pursuant to which BSZ, BXT and FuLi will subscribe for 36.5 million common shares (\"Shares\"), 30.5 million shares and 13 million shares, respectively, in the capital of the Subsidiary, at a price of 1 Renminbi (\"RMB\") per share, for gross proceeds of RMB 80 million (approximately CAD $16,091,108). To date, the Investors have paid the majority of financing and the Subsidiary received RMB 71,771,601 (approximately CAD $14,436,028). The remaining balance from FuLi Medical Technology Limited Partnership (\"FuLi\") of RMB 8,228,399 (approximately CAD $1,655,047.37) will be paid to IDC Shanghai before the end of December 31, 2018.\n\n \n \nThe new Board of Directors in the Shanghai subsidiary was established in May 2018. Mr. Lei Lui, CEO of IDC Shanghai, remains assigned on the board to represent IDC Canada and will continue to have involvement with the management strategies. Mr. Liu Yi and Mr. Weirong Li, have resigned from IDC Shanghai's Board of Directors and Mr. Yongxiang Chen & Mr. Wenjuan Li, are two new board members that have come from the new shareholders in the subsidiary. IDC thanks Mr. Yi and Mr. Li for their services and welcomes Mr. Chen and Mr. Li to IDC...