Majority of Warrant Holders Subscribe to Offering
SAN DIEGO, Dec. 21 /PRNewswire-FirstCall/ -- Imagenetix, Inc. (OTC Bulletin Board: IAGX), announced today that 53 warrants totaling 3,110,710 warrant shares were extended until October 23, 2010 in response to the offering. The warrants extended had exercise prices from $1.00 to $2.00.
The warrants holder's paid the Company $.05 per warrant share for the extension resulting in the Company receiving, approximately $155,000. During the offering period 146 warrant shares were exercised and 539,755 expired.
Along with the extension of time the terms of the call provisions were changed. The Company now has the right to call any series of its warrants if the stock should trade at a 20% premium to the exercise price of the warrant for 10 business days.
Mr. William Spencer, President of Imagenetix, commenting on the offering said, "I was extremely pleased that so many of our long term supporters took advantage of this offering. The change in the call provision will allow us to raise additional capital, as the stock price increases, which we can use to expand our branding efforts and for the development of new products."
Based in San Diego, California, Imagenetix, (OTC Bulletin Board: IAGX)
is an innovator of scientifically tested, natural-based, proprietary
bioceutical products developed to enhance human health on a global basis.
Imagenetix develops, formulates and private-labels propriety
over-the-counter topical creams, skincare products and nutritional
supplements to be marked globally through multiple channels of
distribution. In addition, the company develops patentable compounds for
entering into licensing agreements with pharmaceutical partners. Imagenetix
is the creator of Inflame Away(TM)- Celadrin(R), which has been clinically
tested to relieve osteoarthritis pain and significantly improve joint
health. For more information, please visit, '/>"/>
|SOURCE Imagenetix, Inc.|
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