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Microcap & Penny Stocks : IMDS nasdaq bulletin board
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To: mark grudecki who wrote (55)1/12/1997 12:23:00 PM
From: Glenn Olsen   of 4122
 
Jan 6, 1997 filing

Item 5. OTHER EVENTS.

On December 22, 1996, Imaging Diagnostic Systems, Inc. finalized a
private placement transaction resulting in $4,500,000 in equity financing. The
financing was secured directly with an institutional money management company.

The Company issued 450 shares of Series B Convertible Preferred Stock
("Preferred")and 112,500 Warrants ("Warrants") in reliance upon the exemption
from registration afforded by Regulation D and Section 4(2) of the Securities
Act of 1933, as amended. A registration application regarding the common stock
associated with the transaction will be made to the Securities and Exchange
Commission. The Company did not pay any investment banking fees in connection
with this transaction.

The holder of the Preferred may convert 34% of of the Preferred 80 days
after issuance; 67% of the Preferred 100 days after issuance; and, 100% in
aggregate 120 days after issuance. The Preferred are to be converted based on
the lower of 82% of the average closing bid price for the 5 trading days
preceding the notice of conversion by the holder or $3.85 per Preferred share.
The Warrants are exercisable at any time for an exercise price of $5.00 and will
expire five (5) years from date of issue.
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