Proceeds of non-brokered deal to be used for working capital purposes
By Devika Patel
Knoxville, Tenn., Dec. 11 – Imaflex Inc. said it plans a C$1 million non-brokered private placement of units.
The company will sell 2,222,222 units of one common share and a half-share warrant at C$0.45 per unit.
Each whole warrant is exercisable at C$0.65 for one year. The strike price is a 41.3% premium to the Dec. 10 closing share price of C$0.46.
Proceeds will be used for working capital purposes.
Imaflex, based in Montreal, manufactures polyethylene films used for packaging.
| Issuer: | Imaflex Inc.
|
| Issue: | Units of one common share and a half-share warrant
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| Amount: | C$1 million
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| Units: | 2,222,222
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| Price: | C$0.45
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$0.65
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| Agent: | Non-brokered
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| Pricing date: | Dec. 11
|
| Stock symbol: | TSX Venture: IFX
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| Stock price: | C$0.46 at close Dec. 10
|
| Market capitalization: | C$21.66 million
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