Centara Corp. Acquires Securities of IMRIS Inc.

OTTAWA, Dec. 24, 2014 /CNW/ - Centara Corp. ("Centara") announces that it purchased an aggregate of 2,376,760 units (the "Units") on a private placement basis (the "Offering") from IMRIS Inc. ("IMRIS" or the "Company") pursuant to the terms of a subscription agreement (the "Subscription Agreement").  Each Unit was purchased at a price of $0.284 per Unit and consists of one common share of the Company (a "Common Share") and one and a quarter Common Share purchase warrant (each whole warrant, a "Warrant").  Each whole Warrant entitles the holder thereof to acquire one Common Share at a price of $03692 per share during the period starting on the day that is six months from the date of issue and ending on the day that is five and a half years from the date of issue.  In connection with the Offering, Centara purchased an aggregate of 2,376,760 Units, which are comprised of 2,376,760 Common Shares and 2,970,950 Warrants.  Upon exercise of the Warrants in full, Centara would acquire 2,970,950 Common Shares.

Prior to the Offering, Centara beneficially held, directly or indirectly together with its associates (including Norpine Holdings Ltd. and David Graves), 11,899,371 Common Shares, which, to the knowledge of Centara, represented approximately 22.9% of the issued and outstanding Common Shares without taking into account the Offering.  The Common Shares and Warrants acquired by Centara in connection with the Offering represent, to the knowledge of Centara, approximately 10% of the current issued and outstanding Common Shares not taking into account the Offering (assuming full exercise by Centara of the Warrants).  As of the date hereof, Centara, to its knowledge 17,247,081 Common Shares (assuming full exercise by Centara of the Warrants), which, to the knowledge of Centara, would represent 26.3% of the issued and outstanding Common Shares (assuming full exercise by Centara of the Warrants).

The foregoing acquisitions were made for investment purposes. Centara may, directly or indirectly, depending on market and other conditions, acquire beneficial ownership of, control or direction over, additional Common Shares, through market transactions, private agreements or otherwise. Centara may, depending on market and other conditions, sell any or all of the Common Shares held by Centara.

A copy of the early warning report relating to this transaction will be available under IMRIS' SEDAR profile at www.sedar.com and can be obtained from the contact below.

SOURCE: IMRIS Inc.

Michael Dunleavy, LaBarge Weinstein LLP, 515 Legget Drive, Suite 800, Ottawa, ON K2K 3G4, Facsimile: [phone]