Stock Symbol: IFX
MONTREAL, May 9, 2013 /CNW Telbec/ - Imaflex Inc. (TSXV: IFX) ("Imaflex" or the "Corporation") is pleased to announce that it has completed a non-brokered private
placement (the "Offering") of 1,600,000 common shares (the "Shares") at a price of $0.50 per Share for gross proceeds of $800,000 as
announced on May 1, 2013. The subscription price of the Shares
represents a premium of approximately 85 % in comparison with the
closing price of the Corporation's securities on the date of the
announcement of the Offering. The closing price of the Corporation's
securities has fluctuated in the range of $0.27 to $0.38 within the
last 30 days.
Only Directors and officers of Imaflex have taken part in the Offering
which constitutes a "related party transaction" as defined under
Regulation 61-101 respecting Protection of Minority Security Holders in Special Transactions ("Regulation 61-101"). The transaction is exempt from the formal valuation and minority
shareholder approval requirements of Regulation 61-101 as neither the
fair market value of any shares issued to the insiders or the
consideration paid by such insiders exceeds 25 % of the Corporation's
The proceeds of the Offering will be used for working capital purposes.
The Offering was carried on a private placement basis pursuant to
prospectus exemptions of applicable securities laws and is subject to
final acceptance by the TSX Venture Exchange. All securities issued in
connection with the Offering are subject to a four-month and one day
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.
SOURCE: Imaflex Inc.
For further information:
Joseph Abbandonato, President and C.E.O
Giancarlo Santella, CA - Corporate Controller
Tel: (514) 935 - 5710
Fax: (514) 935 - 0264