Business
Contact Image Corporation announces the closing of a private placement
Contact Image Corporation announces the closing of a private placement.
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[{"type":"text","content":"\n\n\n\n\nMONTREAL, July 19 /CNW Telbec/ - Contact Image Corporation (the\n\"Corporation\" or \"Contact Image\") (TSX Venture Exchange: CI), announces that\nit has concluded two private placements, in part with insiders, for gross\nproceeds of $300,000. The private placements are (i) of common shares, at a\nprice of $0.15 per share, and warrants allowing their holders to acquire\ncommon shares of Contact Image at a price of $0.20 per share for a period of\ntwenty-four (24) months following their issuance, for gross proceeds of\n$200,000, and (ii) of non-secured convertible loans, for gross proceeds of\n$100,000, bearing interest at an annual rate of 12%, payable monthly and\nmaturing in three (3) years; the principal of the loan may be converted in\ncommon shares of Contact Image at a price of $0.20 per share for the\nfirst year, $0.24 per share for the second year and $0.27 per share for the\nthird year; subscribers to these convertible loans will also receive\n214,505 warrants per $100,000 tranche of the principal allowing them to\nacquire 214,505 common shares of Contact Image at a price of $0.30 for a\nperiod of three (3) years.\nThe securities issued pursuant to this private placement are subject to a\nrestriction and cannot be alienated for a four (4) month period following\ntheir issuance.\n\nContact Image and its subsidiaries are providers of digital imaging\nproducts and services based in Montreal. Current products and services\ninclude, digital wide-format printing and finishing services, digital\nprocessing and imaging services and traditional photographic processing and\nimaging services. Contact Image and its subsidiaries service target market\nsegments that focus on retail chain stores, businesses, institutions,\nphotography professionals, imaging professionals and, finally, higher-end\nphoto amateurs. Contact Image and its subsidiaries' clients typically seek\nhigher quality prints, promptness of service and a large offering of imaging\nservices.\n\nThe TSX Venture Exchange has neither approved nor accepts any\nresponsibility with respect to the veracity or exactitude of this press\nrelease.\n\n\n","length":2180,"tagName":"div"}]