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.
For further information:
Joseph Abbandonato, President and C.E.O
Giancarlo Santella, CPA, CA - Corporate Controller
Tel: (514) 935 - 5710
Fax: (514) 935 - 0264