WINNIPEG, March 13, 2013 /PRNewswire/ - IMRIS Inc. ("IMRIS" or the "Company") (NASDAQ: IMRS; TSX: IM) today announced that it has priced its previously announced underwritten public offering of 5,750,000 common shares at a public offering price of US$3.50 per share. The gross proceeds to IMRIS, before underwriting commissions and other offering expenses are expected to be approximately US$20.1 million. IMRIS has granted the underwriters of the offering an option to purchase up to an additional 862,500 common shares at the public offering price during the period ending 30 days from the closing of the offering to cover over-allotments, if any.
Canaccord Genuity is acting as sole book-running manager for the offering and Cowen and Company, LLC is acting as co-manager.
IMRIS intends to use the net proceeds from this offering for working capital and general corporate purposes, including commercialization activities of new products, research and development programs and working capital needs. The closing of the offering is expected to occur on or about March 18, 2013 or such other date that IMRIS and Canaccord Genuity agree and is subject to certain customary closing conditions, including the approval of the Toronto Stock Exchange and The NASDAQ Stock Market.
The offering is being conducted in the United States pursuant to the Company's effective shelf registration statement filed with the U.S. Securities and Exchange Commission (the "SEC") and in Canada pursuant to a final short form base shelf prospectus filed with the securities regulatory authorities in each of the provinces and territories of Canada, other than Quebec. The offering is being made only by means of a prospectus supplement and accompanying final short form base shelf prospectus. When available, copies of the prospectus supplement and the accompanying short form base shelf prospectus may be obtained upon request by contacting Canaccord Genuity Inc., Attention: Syndicate Department, 99 High Street, 12th Floor, Boston, Massachusetts 02110, or by telephone at (617) 371-3900. Electronic copies of the preliminary prospectus supplement and the accompanying short form base shelf prospectus are, and electronic copies of the prospectus supplement when available will be, available free of charge at www.sedar.com and www.sec.gov, respectively.This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.