Imagin Medical Inc.announced a private placement of secured convertible notes for gross proceeds of up to $3 million on October 22, 2020. The note carries a coupon of 10% per annum and would mature in 18 months from the closing, unless earlier repurchased, redeemed or converted. The notes will be convertible at the holder’s discretion into units at a conversion price of $0.02 per unit. Each unit will consist of one post-consolidated common share, one-half common share purchase warrant exercisable at $0.025 and one-half common Share purchase warrant exercisable at $0.03. All warrants will be exercisable for five years from the date of issue. The transaction may close in one or more tranches, at the discretion of the company. Closing of a $750,000 first tranche of the transaction is expected to occur on or about October 22, 2020 subject to completion of the Consolidation and any required regulatory approval, including that of the Canadian Securities Exchange (the "CSE"). All securities issued in connection with the transaction will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.