Perimeter Medical Imaging Secures Funding for Innovation Expansion

Perimeter Medical Imaging AI's New Funding Initiative

Perimeter Medical Imaging AI, a leader in medical technology, recently revealed an exciting development in its growth strategy. The Company is initiating a non-brokered private placement, planning to issue up to 32,175,032 common shares at a price of $0.42 each. This initiative is projected to raise approximately $13.5 million, significantly bolstering their resources for future advancements.

Investment Details

The funding effort includes binding subscription agreements with various institutional and accredited investors, notably involving their largest shareholder, SC Master Holdings LLC. This expected investment is around $9.7 million. As part of the agreement, subject to the completion of the Offering, Social Capital will have the option to nominate two members to Perimeter's board of directors, thus enhancing oversight and governance.

Closing Expectations

The closure of this offering is anticipated shortly, contingent on the satisfaction of standard closing conditions and approval from the TSX Venture Exchange. Perimeter is actively engaging with additional investors, which could lead to further closings contributing to the total gross proceeds of up to $13.5 million.

Utilization of Funds

Perimeter intends to allocate funds raised through this offering toward essential areas such as working capital, the commercialization of their technology, and clinical studies. These investments are vital for the ongoing development of innovative medical tools that can radically enhance surgical practices.

Regulatory Considerations

The shares from this offering will be available under private placement rules, and the distribution will appeal to investors across various jurisdictions adhering to applicable laws. While the Common Shares will not be registered under U.S. securities laws, the Company has taken measures to ensure compliance with the relevant regulations.

Related Party Transactions

Social Capital's participation in the Offering represents a related party transaction. The Company has utilized available exemptions under securities legislation to facilitate the investment while ensuring compliance with requisite policies.

About Perimeter Medical Imaging AI

Perimeter Medical Imaging AI is at the forefront of redefining cancer surgery with groundbreaking imaging technology. The Company is dedicated to developing high-resolution, real-time imaging tools designed to meet critical medical needs. Their FDA-cleared Perimeter S-Series OCT system offers comprehensive cross-sectional imaging of excised tissues, enhancing the accuracy and efficacy of cancer surgeries.

Technological Innovations

Perimeter is also advancing its investigational Perimeter B-Series OCT, equipped with ImgAssist AI technology, currently under evaluation in pivotal clinical trials, supported by significant funding from medical research grants. These innovations echo the Company's commitment to improving surgical outcomes for cancer patients.

Conclusion

Perimeter Medical Imaging AI is poised for significant growth as it pursues its ambitions via this substantial funding initiative. The coming months will reveal the impactful benefits of this investment on cancer surgical practices, potentially transforming patient outcomes through enhanced imaging technologies.

Frequently Asked Questions

What is the purpose of Perimeter's private placement?

The funds will be used for working capital, technology commercialization, and clinical studies.

Who are the primary investors in this placement?

The primary investors include SC Master Holdings LLC, the largest shareholder in Perimeter Medical Imaging AI.

What technology does Perimeter Medical Imaging offer?

They offer advanced imaging tools such as the Perimeter S-Series OCT and are developing the B-Series with artificial intelligence capabilities.

How many shares are being offered in the private placement?

Up to 32,175,032 common shares are being offered at $0.42 each.

When is the expected closing of the Offering?

The closing date is projected to occur shortly after the satisfaction of regulatory approvals and customary closing conditions.

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