/NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES/
CALGARY, June 13 /CNW/ - Imaging Dynamics Company Ltd. ("IDC" or the "Corporation") (TSX: IDL) is pleased to announce the closing of the issue of an additional 2,809,800 units (the "Units") at a price of $0.335 per Unit, for gross proceeds of $941,283, pursuant to the exercise by Paradigm Capital Inc. and Jennings Capital Inc. (collectively, the "Agents") of the over-allotment option (the "Over-allotment Option") granted by IDC to the Agents pursuant to the terms of an agency agreement dated May 7, 2008 (the "Agency Agreement") among the Agents and IDC. The Over-allotment Option was granted to the Agents in connection with IDC's short form prospectus offering (the "Offering") of 24,690,200 Units at a price of $0.335 per Unit, for gross proceeds of $8,271,217, which closed on May 14, 2008. The total gross proceeds raised pursuant to the Offering and the exercise of the Over-Allotment Option were $9,212,500.
Each Unit consists of one common share (a "Common Share") in the capital of the Corporation and one transferable Common Share purchase warrant (a "Warrant"). Each Warrant is exercisable into one Common Share at an exercise price of $0.40 subject to adjustment in certain events, at any time on or before 4:30 p.m. (Calgary time) on May 14, 2009 and at an exercise price of $0.50 subject to adjustment in certain events, at any time from 4:30 p.m. (Calgary time) on May 14, 2009 until 4:30 p.m. (Calgary time) on May 14, 2010. The Units will separate into Common Shares and Warrants immediately upon issue.
This news release does not constitute an offer to sell, or the solicitation of an offer to buy, the Units in any jurisdiction, including the United States, or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption therefrom, nor shall there be any sale of the Units in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The Units being offered will not be, and have not been, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, a U.S. person, absent U.S. registration or an applicable exemption therefrom.
About IDC
IDC is a medical technology company and innovative force in the fast-growing field of digital radiography (DR) technology. IDC's X-Series of direct capture technology replaces conventional film-based X-rays and provides a cost-effective alternative to cassette based film or computed radiography (CR) systems.
Each IDC DR solution provides high resolution radiographic images in the digital format required for today's electronic medical record networks, all without the use of film, environmentally harmful chemicals, cassettes or expensive imaging plates. In addition to its number one ranking for three consecutive quarters for customer service by MD Buyline, IDC is the recipient of the 2007 Frost & Sullivan Technology Innovation Award and is among the 2007 Deloitte Technology Fast 500, which ranks the fastest growing technology, media, telecommunications and life sciences companies in North America.
IDC is based in Calgary, Alberta, Canada.
You may also visit the IDC Web site: www.imagingdynamics.com.
Statements in this release which describe IDC's intentions, expectations or predictions, or which relate to matters that are not historical facts are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of IDC to be materially different from any future results, performances or achievements expressed in or implied by such forward-looking statements. IDC may update or revise any forward-looking statements, whether as a result of new information, future events or changing market and business conditions. Known and unknown risks and uncertainties include: IDC's ability to manufacture its products with a sufficient level of quality and in volumes which satisfy market demand; the ability of IDC to establish direct and indirect sales channels; the ability of IDC to establish industry partnerships; IDC's ability to attract and retain key personnel; the strength and breadth of IDC's patents; and other factors relating to general economic conditions, specific industry conditions and IDC's particular situation.
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