Business
Imaging Dynamics Company announces closing of Private Placement and corporate update
CALGARY , Sept. 10, 2013 /CNW/ - Imaging Dynamics Company Ltd. ("IDC" or the "Company") (T...
About this update from Imaging Dynamics Company, Ltd.
[{"type":"text","content":"\n\n\nCALGARY, Sept. 10, 2013 /CNW/ - Imaging Dynamics Company Ltd. (\"IDC\" or\n the \"Company\") (TSX:IDL), a global leader in the high growth medical\n imaging technology and digital radiography (DR) equipment market, today\n announced that it has closed on its previously announced non-brokered\n private placement of 300,000,000 common shares in the capital of the\n Company (the \"Common Shares\") with Kangda International Medical Canada\n Co. Ltd. (\"Kangda Canada\") at a price of $0.0046 per Common Share for\n gross proceeds of $1,380,000 (the \"Private Placement\").  The Private\n Placement coincided with a sale by Belfry Medical Investments Ltd. of\n 200,000,000 Common Shares to Kangda Canada at the same price per share\n as the Private Placement (the \"Private Transaction\") which also\n closed.  After giving effect to the Private Placement, the Company\n currently has 908,441,782 issued and outstanding Common Shares.\n\n\nKangda Canada is a recently formed Canadian corporation that is\n associated with Kangda Medical Equipment International Group\n (\"Kangda\").  Kangda is a major worldwide China-based manufacturer of\n advanced medical equipment and professional products for clinics and\n hospitals. The investment by Kangda Canada in the Common Shares is a\n long term strategic initiative for Kangda.\n\n\nProceeds from the Private Placement will be used for general working\n capital and corporate purposes. The Common Shares issued in connection\n with the Private Placement will be subject to a four month hold period\n from the date of issuance in accordance with applicable securities\n law.  IDC expects to conclude arrangements with Kangda, with the\n objective of leveraging both companies' sales and distribution channels\n and introducing new advanced product resources that will enable IDC to\n enter new markets.\n\n\nThe Company is also pleased to announce the following Board and Officer\n changes which are effective as of today:  Mr. Ting Tsuen Lee (\"Mr.\n Lee\") has retired as director and officer of the Company; Fan Hong has\n been appointed as Chair of the Board; Dr. Sidong Huang (\"Dr. Huang\")\n has been appointed as President and Chief Executive Officer of the\n Company; and Murray Wigmore was reappointed to the Board of the\n Company.\n\n\nDr. Sidong Huang, the newly appointed IDC Pr...