|IDC Private Placement August 2016|
IMAGING DYNAMICS COMPANY LTD. ANNOUCES CONVERTIBLE DEVENTURE PRIVATE PLACEMENT FINANCING.
Calgary, Alberta, August 11, 2016 - Imaging Dynamics Company Ltd. ("IDC" or the "Company") (TSXV:IDL) today announced a non-brokered private placement financing of secured convertible debentures (the “Convertible Debentures”) for gross proceeds of up to $6,000,000 (the "Offering"). The Convertible Debentures will mature two years from the date of issue (the “Maturity Date”), accrue interest at a rate of 6.0% per year, payable annually on the anniversary date of the closing date, and are convertible into common shares of the Company at the holder’s option at a price of $0.11 per common share for a period of two years from the closing of the Offering.
IDC intends to use the proceeds of the Offering for geographic and product expansion, and working capital purposes.
The Offering is expected to close on or around August 31, 2016. The Convertible Debentures issued in connection with the Offering will be subject to a four month and one day hold period from the date of issuance in accordance with applicable securities laws.
The Offering remains subject to certain conditions including, but not limited to, the final approval of the TSX Venture Exchange. The Offering has received approval from the Board of Directors of the Company.
About Imaging Dynamics Company (IDC):
IDC is a global medical imaging technology provider and innovative force in the high growth field of digital radiography (DR) technology.
The Company has over 4,000 installations in 50 countries of its proprietary, award winning direct capture DR technology, which replaces conventional film-based diagnostic imaging and provides a cost-effective solution for medical facilities of all sizes to provide high quality diagnostic X-ray images and improve the level of healthcare for their patients.
Throughout its history, IDC has been recognized by multiple industry organizations and research analysts such as: Frost & Sullivan and Deloitte Technology; for its dedication to innovation, global market growth, and customer focused value proposition.
The Company has its corporate office in Calgary, Canada, a sales and marketing office in Beijing, China, and also operations, research and development centres in Calgary, Canada and Shanghai, China.
Visit the IDC web site: www.imagingdynamics.com
For more information, please contact:
Mr. Eugene Woychyshyn
Chief Financial Officer
Statements in this release which describe IDC's intentions, expectations or predictions, or which relate to matters that are not historical facts are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of IDC to be materially different from any future results, performances or achievements expressed in or implied by such forward-looking statements. IDC may update or revise any forward-looking statements, whether as a result of new information, future events or changing market and business conditions. Known and unknown risks and uncertainties include: IDC's ability to manufacture its products with a sufficient level of quality and in volumes which satisfy market demand; the ability of IDC to establish direct and indirect sales channels; the ability of IDC to establish industry partnerships; IDC's ability to attract and retain key personnel; the strength and breadth of IDC's patents; and other factors relating to general economic conditions, specific industry conditions and IDC's particular situation.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
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