Digital radiography developer Imaging Dynamics (IDC) reported to Canadian wire service CNW Group that it has entered into an engagement with a syndicate of underwriters to raise $10 million Canadian ($8.6 million U.S.) on a private placement basis.
According to the Calgary, Alberta-based firm, the underwriters have agreed to purchase 2.9 million special warrants (exercisable into one share of IDC common stock) at a price per warrant of $3.50 ($3.01 U.S.).
Closing will be on or about January 31 this year, subject to certain conditions and all necessary approvals, including approval by the Toronto Stock Exchange, the company said.
IDC said it intends to use the proceeds of this financing round for expansion of its sales and marketing initiatives in the U.S. and internationally, working capital to fund its growth, and for new product development.
By AuntMinnie.com staff writers
January 12, 2006
Related Reading
IDC to post strong 2005 results, January 6, 2006
IDC completes first U.K. installation, November 27, 2005
Imaging Dynamics adds 61 North American orders, November 22, 2005
Imaging Dynamics reports profit in Q3, November 9, 2005
Road to RSNA, Imaging Dynamics, November 8, 2005
Copyright © 2006 AuntMinnie.com
