SAINTE-ADÈLE, QC, Feb. 1, 2012 /CNW Telbec/ - Joseph Abbandonato ("Mr. Abbandonato" or the "Offeror"), of 3475 Rolland Street, Sainte-Adèle, Québec, J8B 1E1, announces,
pursuant to Regulation 62-103 respecting the Early Warning System and Related Take-Over Bid and Insider Reporting Issues ("Regulation 62-103") that he acquired, through a wholly-owned private corporation, Roncon
Consultants Inc., ownership of 657,895 units (each a "Unit") at a price of $0.38 per Unit pursuant to a non-brokered private
placement. Each Unit is comprised of one Class A share (each a "Common Share") of Imaflex Inc. ("Imaflex") (representing 1.54% of Imaflex's issued and outstanding Common
Shares) as well as one common share purchase warrants (each a "Warrant") entitling the holder thereof to acquire one additional Common Share
at a price of $0.45 per Common Share until February 1, 2015.
Further to the private placement, Mr. Abbandonato directly owns
10,684,810 Common Shares (representing 25.08% of the issued and
outstanding Common Shares). He directly and indirectly, through its
wholly-owned company, owns 12,936,805 Common Shares (representing
30.37% of the issued and outstanding Common Shares) and 1,973,684
Common Share purchase warrants of Imaflex exercisable to acquire
1,973,684 Common Shares. Should the Offeror's Warrants be fully
exercised, his holdings, both directly and indirectly, would represent
33.45% of the issued and outstanding Common Shares on a partially
The acquisition of 657,895 Common Shares and 657,895 Warrants was
carried out by way of private placement in accordance with and in
reliance on the "Employee, Executive Officer, Director and Consultant"
exemption in section 2.24 of Regulation 45-106 respecting Prospectus and Registration Exemptions.
The securities of Imaflex are held by Mr. Abbandonato for investment
purposes. Mr. Abbandonato expects to review from time to time his
investment in Imaflex and may, depending on the market and other
conditions: (i) acquire securities or related financial instruments of
Imaflex in the open market, in privately negotiated transactions or
otherwise, and/or (ii) dispose of all or a portion of the securities or
related financial instruments of Imaflex over which he now or hereafter
exercises, or may be deemed to exercise, control or direction, or owns.
Additional information is provided in the early warning report filed on www.sedar.com by Mr. Abbandonato pursuant to Regulation-62-103.
SOURCE IMAFLEX INC.
For further information:
For further information or a copy of the early warning report please contact: