IMRIS Inc. completes $40 million initial public offering

    WINNIPEG, Nov. 2 /CNW/ - IMRIS Inc. ("IMRIS") or (the "Company")
announced today that it has successfully completed its initial public offering
(the "Offering") of 6,666,667 common shares at a price of C$6.00 per share for
gross proceeds of C$40 million. The Company's common shares begin trading
today on the Toronto Stock Exchange under the symbol "IM".
    The oversubscribed Offering was sold through an underwriting syndicate
led by RBC Capital Markets and included BMO Capital Markets, TD Securities
Inc., Canaccord Capital Corporation and GMP Securities L.P. The Company has
granted the underwriting syndicate an over-allotment option to purchase up to
an additional 1,000,000 common shares at the price of C$6.00 per share. The
option is exercisable, in whole or in part, within the next 30 days to cover
any over-allotments and for market stabilization purposes. If the option is
exercised in full, gross proceeds of the Offering will be approximately
C$46 million.
    David Graves, President and Chief Executive Officer commented, "The
successful completion of our IPO makes an important statement of investor
confidence in IMRIS' breakthrough surgical imaging technology. The capital
raised by this offering will provide the resources to address two exciting
opportunities, the expansion of our sales and marketing plan for the
IMRISneuro surgical suite and the continued development of our IMRIScardio
surgical suite, serving to drive our growth as we expand our addressable
    The securities offered have not been, and will not be, registered under
the United States 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 requirement of such Act. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy, nor shall
there be any sale of these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.

    About IMRIS

    IMRIS is a global leader in surgical imaging solutions designed to
improve patient outcomes and help them live longer and more enjoyable lives.
IMRIS' key technology benefits of high resolution MR images, improved patient
safety, enhanced surgical efficiency and increased financial viability for
hospitals contribute to a breakthrough surgical imaging offering.
    The Company's lead product, IMRISneuro, has been validated by leading
U.S. neurosurgeons and is increasingly being used by world-class neuroscience
centres. IMRIS core MRI technology has multiple product applications with a
second product suite, IMRIScardio, which is actively under development.
    For more information, see

    Forward-Looking Statements

    This press release may contain or refer to forward-looking information
based on current expectations. These statements should not be read as
guarantees of future performance or results. Such statements involve known and
unknown risks, uncertainties and other factors that may cause actual results,
performance or achievements to be materially different from those implied by
such statements. Although such statements are based on management's reasonable
assumptions, there can be no assurance that actual results will be consistent
with such statements. Forward-looking statements are subject to significant
risks and uncertainties, and other factors that could cause actual results to
differ materially from expected results. These forward-looking statements are
made as of the date hereof and we assume no responsibility to update or revise
them to reflect new events or circumstances.

For further information:

For further information: Ron Sabourin, Executive Vice President Finance
and Chief Financial Officer, IMRIS Inc., Tel: (204) 480-7090, Email:; Susan McLeod, Manager, Marketing Communications, IMRIS
Inc., Tel: (204) 480-7094, Email:

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