TORONTO, June 25, 2018 (GLOBE NEWSWIRE) -- Imex Systems Inc. ("Imex" or the "Company") (TSX-V:IMEX), a software solution provider to Governments, Municipalities and Public Authorities, is pleased to announce that it has closed a non-brokered private placement of equity units of Imex ("Equity Units") at a price of $0.07 per Equity Unit (the "Private Placement"). The Company issued 19,220,212 Equity Units for gross proceeds of $1,345,414.88.
Each Equity Unit is comprised of one (1) common share of Imex and one (1) common share purchase warrant of Imex (a "Warrant"). Each Warrant will entitle the holder to acquire one (1) common share of Imex for a period of 24 months from the date of issuance of the Warrant, at an exercise price of $0.10 per share.
The Company will use the proceeds from the Private Placement for working capital purposes.
The Company paid the following finder's fees to eligible parties in connection with the Private Placement: cash totaling $19,040; 136,000 common shares of the Company; and, 136,000 finders warrants, each finder warrant exercisable into a common share of the Company for a period of 24 months at $0.10 per share.
The securities issued in connection with the Private Placement will be subject to a four-month hold period, in accordance with applicable securities laws.
The Company expects to close a second tranche of the Private Placement in the next couple of weeks.
About Imex Systems
Imex Systems Inc. is a Canadian software products and solution provider to Governments, Municipalities and Public Authorities in Canada and internationally. Imex primarily focuses on E-Government and the Smart Cities market that also include the integration to payment processing. The company helps public sector entities to provide "Any Time, Any Where, Any Device and Any Channel" convenience for citizens to access government services and help with digital transformation of government operations and streamline revenue. Imex's various product and service offerings include: iGov - a Digital Government Platform for all levels of governments, which provides all the pre-built components for building an effective Digital Government and supporting payment processing through multiple channels; iCity - a Smart City Solution; and miGov - a Mobile Government Framework.
This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities laws. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others: the need for approvals from the relevant government body; future capital needs and uncertainty of additional financing; the competitive nature of the industry; the effects of product development and need for continued technology change; and those risks set out in the Company's public documents filed on www.sedar.com.
Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Imex Systems Inc.
Kris Parthiban, Interim President and CEO
416 899 9720
© 2018 GlobeNewswire, Inc. All Rights Reserved.