Business
Imaging Dynamics Company Ltd. Establishes Credit Facility and Closes Private Placement of Warrants
/NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES/ CALGARY, June 9 /CNW/ - ...
About this update from Imaging Dynamics Company, Ltd.
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES/\n\n\nCALGARY, June 9 /CNW/ - Imaging Dynamics Company Ltd. ("IDC" or the\n"Corporation") (TSX: IDL) is pleased to announce the establishment of credit\nfacility (the "Credit Facility") in the aggregate amount of $1,000,000 with a\ngroup of private investors (the "Lenders") effective on June 8, 2009 (the\n"Closing Date"). In connection with the establishment of the Credit Facility,\nthe Corporation issued an aggregate of 9,166,664 common share purchase\nwarrants (the "Warrants") to the Lenders. Each Warrant is exercisable into one\ncommon share at an exercise price of $0.12 (the "Exercise Price") subject to\nadjustment in certain events, at any time, on or before 4:30 p.m. (Calgary\ntime) on June 8, 2012 (the "Expiry Date"). A total of 8,333,333 Warrants are\nplaced in escrow and 8.333333 Warrants will be released from escrow to the\nLenders for every $1.00 drawn by the Corporation from the Credit Facility. Any\nWarrants remaining in escrow after the Expiry Date shall be cancelled. As of\nthe Closing Date, IDC has not drawn down from the Credit Facility.\n\n\nTom Boon, IDC's President and CEO, commenting on this announcement said,\n"At the recent annual general meeting of the shareholders of IDC, it was\nstated that IDC may require near term access to a moderate amount of working\ncapital in order to sustain its business. I am pleased that we have been able\nto secure this $1 million credit facility from a group of existing investors\nwhich demonstrates their continued confidence in IDC's technology, channels\nand plans for near term profitable growth. With the newly restructured company\nand the anticipated recovery in the market for healthcare technology, these\nfunds will give the company the ability to manage its obligations as we seek\nto achieve a cash flow neutral operation as IDC's revenues continue to grow."\n\n\nThis news release does not constitute an offer to sell, or the\nsolicitation of an offer to buy, the securities in any jurisdiction, including\nthe United States, or to, or for the account or benefit of, U.S. persons\nabsent U.S. registration or an applicable exemption therefrom, nor shall there\nbe any sale of the securities in any state in wh...