Proceeds used for working capital needs and general corporate purposes
By Devika Patel
Knoxville, Tenn., Dec. 22 – Imris Inc. said it has arranged a $3 million non-brokered private placement of units.
The company will sell 10,563,380 units of one common share and a quarter-share warrant at $0.284 apiece.
Each whole warrant is exercisable at $0.3692 for three years. The strike price reflects a 36.74% premium to the closing share price of $0.27 on Dec. 19.
Proceeds will be used for working capital and general corporate purposes, including commercialization, research and development.
The Winnipeg, Man., company designs, manufactures and markets the Visius Surgical Theatre, a surgical environment that provides intraoperative vision to clinicians.
| Issuer: | Imris Inc.
|
| Issue: | Units of one common share and a quarter-share warrant
|
| Amount: | $3 million
|
| Units: | 10,563,380
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| Price: | $0.284
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| Warrants: | One quarter-share warrant per unit
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| Warrant expiration: | Three years
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| Warrant strike price: | $0.3692
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| Agent: | Non-brokered
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| Pricing date: | Dec. 22
|
| Stock symbol: | Nasdaq: IMRS
|
| Stock price: | $0.27 at close Dec. 19
|
| Market capitalization: | $18.48 million
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