Stock Symbol: IFX.A
MONTREAL, June 6, 2011 /CNW Telbec/ - Imaflex Inc. (TSXV: IFX.A) ("Imaflex" or the "Corporation") is pleased
to announce that it has completed a non-brokered private placement
(the "Offering") of 1,315,789 units (the "Units") at a price of $0,38
per Unit for gross proceeds of $500,000 as announced last March 2,
2011. Each Unit is comprised of one Class A share and one Class A share
purchase warrant (each a "Warrant") entitling its holder thereof to
acquire one additional Class A share of Imaflex at a price of $0.45 per
Class A share until June 6, 2014. The subscription price of the Units
represents a premium of nearly 90% in comparison with the closing price
of the Corporation's securities, which have fluctuated in the range of
$0.095 to $0.20 within the last 60 days.
Joseph Abbandonato, President and Chief Executive Officer of Imaflex,
through a wholly-owned private corporation, is the sole purchaser of
the securities issued pursuant to the Offering. Accordingly, his
subscription constitutes a "related party transaction" as defined under
Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The transaction is exempt from the formal valuation and minority
shareholder approval requirements of MI 61-101 as neither the fair
market value of any shares issued to or the consideration paid by such
persons exceeds 25% of the Corporation's market capitalization.
The proceeds of the financing will be used for small capital
expenditures and 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 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