Imagion Biosystems Limited (IBX: ASX), a company focused on early cancer detection through its MagSense® imaging technology, has announced the completion of the first tranche notes conversion under its Convertible Securities Agreement with Mercer Street Global Opportunity Fund. On January 5, 2026, Mercer Street exercised its option to convert the remaining 76,212 notes from the first tranche, resulting in the issuance of 3,048,484 ordinary shares to Mercer Street. This conversion fully extinguishes the $1,650,000 First Tranche Note, with an Appendix 2A to be lodged with the ASX.
In addition to the completion of the first tranche, Imagion Biosystems has also reached an agreement with Mercer Street to amend the terms of the second tranche note. This note, originally issued in June 2023 with a value of $1,100,000 and a maturity date of December 1, 2025, has been modified. A payment of $300,000 was made on or before January 8, 2026, reducing the remaining balance to $558,000. The maturity date for the remaining balance has been extended to February 28, 2026.
Under the amended terms, any balance remaining unconverted by Mercer Street by the new maturity date will be converted into shares at the conversion price defined in the original agreement. Executive Chairman Bob Proulx expressed satisfaction with the continued support from Mercer Street, highlighting their commitment to Imagion’s success and the progress made with its technology.
Imagion Biosystems is advancing molecular MRI using non-radioactive, bio-safe magnetic nanoparticles to improve diagnostic accuracy for cancers, including HER2+ breast cancer, prostate, and ovarian cancers. The company encourages investors to stay updated through their Investor Hub, accessible via investor.imagionbiosystems.com.
