Tickers: XTSX:IDL
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Calgary, Alberta - TheNewswire - Aug 8th, 2019 -Imaging Dynamics Company Ltd. ("IDC" or the "Company") (TSXV:IDL) announces that all holders of its existing CAD$ 17,850,000 convertible debentures (the debentures) have agreed to stock conversion. The total new issued stock on the conversion is 147,833,334, the total common shares of IDC increase to 206,690,990 after conversion. The company is also processing the procedure with the convertible debenture holders to agree to waive the interest payable on the debentures. The Company would like to extend its sincerest appreciation to all the contributions and support made by the convertible debenture holders to the Company's restructuring process.
Convertible Debentures - Background Information
a) On September 28, 2015, the Company completed a convertible debentures financing for gross proceeds of $6,250,000 in principal amount. The convertible debentures have a maturity date of September 28, 2018, bear interest at a rate of 6.0% per year payable annually, and are convertible into common shares of the Company at the holder's option at a conversion price of $0.10 per common share for a period of three years on or before September 28, 2018. The convertible debentures have an original maturity date of September 28, 2018. On Oct 25th, 2018, the convertible debentures were extended to January 22, 2019. In February 7, 2019, the convertible debentures were further extended to January 22, 2020.
b) On January 22, 2016, the Company completed a convertible debentures financing for gross proceeds of $5,750,000 in principal per year payable annually, are convertible into common shares of the Company at the holder's option at a conversion price of $0.15 per common share for a period of three years on or before January 22, 2019, and are secured by a first charge against the assets of the Company. Subsequent to December 31, 2018, the convertible debenture are extended to January 22, 2020.
c) On October 7, 2016, the Company completed a convertible debentures financing for gross proceeds of $6,000,000 in principal amount. The convertible debentures have a maturity date of October 7, 2018, bear interest at a rate of 6.0% per year payable annually, are convertible into common shares of the Company at the holder's option at a conversion price of $0.125 per common share for a period of two years on or before October 7, 2018, and are secured by a first charge against the assets of the Company. The convertible debenture has an original maturity date of October 7, 2018. On November 15, 2018, the convertible debentures were extended to January 22, 2019 All items remained consistent with the original issuance other than the maturity date. On Feb 7th, 2019, the convertible debentures were further extended to January 22, 2020.
About Imaging Dynamics Company (IDC):
IDC is a global medical imaging technology provider and innovative force in the high technology growth field of digital radiography (DR). Digital Radiography is a form of X-ray imaging 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 with the use of Flat Panel detectors to enhance the digital image quality and improve the level of healthcare for their patients.
The Company has its corporate office in Calgary, Canada, a sales and marketing office in Beijing, China, and operations, research and development centres in Calgary, Canada and Shanghai, China.
Visit the IDC web site: www.imagingdynamics.com
For more information, please contact:
Ms. Rong Xue
Chief Financial Officer
1.403.769.1294 Office
1.866.975.6737 Toll Free
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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