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.