Stock Symbol: IFX.A
MONTREAL, Feb. 1, 2012 /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
1,935,485 units (the "Units") at a price of $0.38 per Unit for gross
proceeds of $735,484 as announced last December 28, 2011. Each Unit is
comprised of one Class A share and one Class A share purchase 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 February 1, 2015.
The subscription price of the Units represents a premium of
approximately 55% in comparison with the closing price of the
Corporation's securities, which have fluctuated in the range of $0.05
to $0.245 within the last 60 days.
Directors and officers of Imaflex have subscribed for over 25% of the
Offering constituting 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 or the
consideration paid by such insiders exceeds 25% of the Corporation's
The proceeds of the financing will be used for small capital
expenditures and for working capital purposes.
The offering was carried 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