Imagin Medical Closes First Tranche of Convertible Notes Offering

Rhea-AI Summary

Imagin Medical Inc. has successfully closed the first tranche of a proposed offering of Convertible Notes, raising US$750,000 as part of a potential total of US$3 million. The securities issued will be subject to a statutory hold period of four months plus a day. Imagin Medical focuses on innovative surgical imaging technology, primarily targeting bladder cancer detection and treatment. The company's first product, the i/Blue Imaging System, aims to enhance cancer removal accuracy and reduce recurrence rates.

Positive

• Successfully closed first tranche of Convertible Notes offering, raising US$750,000.
• Potential total offering amount of US$3 million may provide significant funding for business development.
• Focus on bladder cancer detection aligns with unmet medical needs, potentially increasing market demand.

Negative

• Forward-looking statements indicate uncertainty regarding the effectiveness of the imaging system.
• No guarantee that the Convertible Notes will lead to immediate financial improvements.

VANCOUVER, BC and BOSTON, MA / ACCESSWIRE / November 10, 2020 / Imagin Medical Inc. (CSE:IME)(OTCQB:IMEXF)(FSE:DPD2) ("Imagin" or the "Company") today announced that further to its press release of October 22, 2020, it has closed the first US$750,000 tranche of a proposed offering of up to US$3 million aggregate principle amount Convertible Notes (the "Notes").

All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. These securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.

About Imagin Medical
Imagin Medical is a surgical imaging company focused on advancing new methods of visualizing cancer during minimally invasive procedures. The Company believes its first product, the i/Blue™ Imaging System, with its proprietary optics and light sensors, will greatly increase the efficiency and accuracy of detecting cancer for removal, helping to reduce recurrence rates. The Company's initial focus is bladder cancer. Learn more at www.imaginmedical.com.

Forward-Looking Statements
Information set forth in this news release contains forward-looking statements. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Specifically, there is no assurance the Company's imaging system will work in the manner expected. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information. The CSE has neither approved nor disapproved the information contained herein and does not accept responsibility for the adequacy or accuracy of this news release.

Contact:
Jim Hutchens
President & CEO
Telephone: 833-246-2446

SOURCE: Imagin Medical

View source version on accesswire.com:
https://www.accesswire.com/615695/Imagin-Medical-Closes-First-Tranche-of-Convertible-Notes-Offering

FAQ

What is the purpose of Imagin Medical's recent offering of Convertible Notes (IMEXF)?

The offering aims to raise funds for its surgical imaging technology development.

How much has Imagin Medical raised in its first tranche of Convertible Notes (IMEXF)?

Imagin Medical raised US$750,000 in the first tranche of its Convertible Notes offering.

What is the total amount Imagin Medical aims to raise through the Convertible Notes (IMEXF)?

Imagin Medical aims to raise a total of up to US$3 million through the Convertible Notes offering.

What is the focus of Imagin Medical's technology regarding cancer treatment (IMEXF)?

Imagin Medical's technology focuses on bladder cancer detection and treatment.

Are the securities from the Convertible Notes offering (IMEXF) available for sale immediately?

No, they are subject to a statutory hold period of four months plus a day.