Stock Symbol: IFX
MONTREAL,
May 1, 2013 /CNW Telbec/ - Imaflex
Inc. (TSXV: IFX) ("Imaflex" or the "Corporation") is
pleased to announce its intention to complete a non-brokered
private placement of up to 1,600,000 shares (the "Shares")
at a price of $0.50 per Share for
maximum proceeds of $800,000 (the
"Offering"). The subscription price of the Shares represents
a premium of approximately 85% in comparison with the closing price
of the Corporation's securities, which have fluctuated in the range
of $0.27 to $0.395 within the last 30
days.
It is expected that directors and officers of
Imaflex will be subscribing for over 25% of the Offering. As
insiders are participating in the Offering, such Offering is
considered a "related party transaction" as defined under
Regulation 61-101 respecting Protection of Minority
Security Holders in Special Transactions ("Regulation
61-101"). The transaction will be exempt from the formal
valuation and minority shareholder approval requirements of
Regulation 61-101 as neither the fair market value of any shares to
be issued to or the consideration to be paid by such persons will
exceed 25% of the Corporation's market capitalization.
The proceeds of the financing will be used for
working capital purposes.
The Offering is being made on a private
placement basis pursuant to registration and prospectus exemptions
of applicable securities laws and is subject to acceptance by the
TSX Venture Exchange. All securities issued in connection with the
Offering will be subject to a four-month and one day hold
period.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
The statements in this release relating to
matters that are not historical facts (including, without
limitation, those regarding the timing or outcome of any financing
undertaken by the Corporation) are forward-looking statements that
involve certain risks, uncertainties and hypotheses, including, but
not limited to, general business and economic conditions, the
condition of the financial markets, the ability of Imaflex to
obtain financing on a favourable terms and other risks and
uncertainties.
SOURCE Imaflex Inc.