Business
Imaging Dynamics Company announces private placement
CALGARY , July 2, 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, July 2, 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 executed a term sheet for a non-brokered private\n placement of 300,000,000 common shares in the capital of the Company (a\n \"Common Share\") with Kangda International Medical Canada Company Ltd.\n (\"Kangda Canada\") at a price of $0.0046 per Common Share for gross\n proceeds of $1,380,000 (the \"Private Placement\").  The Private\n Placement will coincide with a sale by Belfry Medical Holdings Ltd. of\n 200,000,000 Common Shares to Kangda Canada at the same price per share\n as the Private Placement.  Belfry, a company controlled by T.T. Lee,\n currently holds 74% of the outstanding Common Shares and has consented\n to the Private Placement.\n\n\nProceeds from this 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 law.\n The Private Placement will also be subject to certain conditions,\n including the execution of a definitive private placement agreement and\n approvals from IDC's shareholders and the Toronto Stock Exchange\n (\"TSX\").\n\n\nCurrent total outstanding Common Shares of the Company are 608,441,782.\n The completion of the Private Placement and the Private Transaction\n will result in Kangda Canada holding 55% of the outstanding Common\n Shares and as a result, will effect a change of control of the\n Company.  Subsequent to the closing of the Private Placement there will\n be 908,441,782 outstanding Common Shares of the Company.\n\n\nThis Private Placement is being subscribed for by Kangda Canada.  Kangda\n Canada is a recently formed Canadian company that is associated with\n Kangda Medical Equipment (Shanghai) Co., Ltd.  Kangda Canada does not\n currently hold any Common Shares of the Company.   An 11% shareholder\n of Kangda is a family member of Sidong Huang, the Senior Executive Vice\n President and a director of IDC.\n\n\nThe Private Placement has received unanimous approval from the Company's\n board of directors.\...