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WINNIPEG, Oct. 13 /CNW/ - IMRIS Inc. ("IMRIS" or the "Company") (TSX: IM) today announced that it has entered into a bought deal financing with a syndicate of underwriters led by RBC Capital Markets to issue 3,215,000 common shares of IMRIS at $5.60 per common share for gross proceeds of approximately $18 million. In addition, IMRIS has granted the underwriters an option, exercisable in whole or in part for a period of up to 30 days following the offering closing date, to increase the offering by up to 482,250 common shares at a price of $5.60 per common share, which would increase the aggregate size of the offering to approximately $20.7 million if the option is fully exercised.
Proceeds of the offering will be used for working capital and general corporate purposes.
The common shares to be issued under this offering will be offered by way of a short form prospectus in all provinces and territories of Canada, and in the United States on a private placement basis pursuant to exemptions from the registration requirements of the United States Securities Act of 1933, as amended.
Closing of this offering is expected to occur on or about November 2, 2009 and is subject to receipt of all necessary regulatory approvals, including the approval of the Toronto Stock Exchange.
IMRIS (TSX: IM) is a global leader in providing fully integrated, advanced imaging solutions that incorporate multiple imaging modalities including magnetic resonance and fluoroscopy to deliver timely information to clinicians during surgical or interventional procedures. The Company's systems utilize patented technology that allows a high field MR scanner to be moved in to the operating room on demand, providing imaging during the surgical or interventional procedure without compromising patient safety. The Company's flagship product, IMRISneuro, has been validated by leading neurosurgeons and is in use at neuroscience centers around the world.
The securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. Furthermore, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions. Such statements are only predictions, and the Company's actual financial conditions and results of operations could differ materially from those that may be contemplated by these forward looking statements and the assumptions upon which they are based as a result of those risks and uncertainties including risks related to completion of the proposed offering, the members of the syndicate for the proposed offering and the use of proceeds from the offering. For a discussion of important factors affecting the Company, see the "NARRATIVE DESCRIPTION OF THE BUSINESS" and in particular the subsection entitled "Risks Related to Our Business" in the Company's Annual Information Form filed on SEDAR and available at http://www.sedar.com.
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SOURCE IMRIS Inc.
For further information: For further information: Brad Woods, Director Investor Relations & Corporate Communications, IMRIS Inc., Tel: (204) 480-7094, Email: email@example.com