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 market capitalization.
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 hold period.
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.
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