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ISee3D Closes Debt Financing

ISee3D Inc. announced the closing of the first tranche of a $1 million private placement of promissory debt units.

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Edited press release follows:

ISee3D Closes First Tranche of Debt Financing

TORONTO, ONTARIO–(Jan. 25, 2011) -

Further to a press release issued on November 17, 2010, ISee3D Inc. (TSX VENTURE:ICT) (“ISee3D” or the “Company”) is pleased to announce the closing of the first tranche of a private placement of promissory debt units (the “Financing”) entailing gross proceeds of $1,000,000. Each Debt Unit is issued at a price of $50,000 and entitles the holder thereof to receive $3,000 of interest per year (6% per annum) for a period of three years. The Company has the option to repay the Debt Units at any time after the first year without penalty. The interest portion of the Debt Units will be due on a semi-annual basis.

In addition, each Debt Unit contains 89,646 warrants, with each warrant exercisable into one common share of the Company at $0.40 per share for a period of three years (the “Debt Warrants”). The Debt Warrants have an acceleration clause should, after four months after the close of the Promissory Debt financing, the closing price of the Company’s common shares is at or above $0.60 per common share for 21 consecutive trading days. Written notice will be provided to the Debt Unit holders advising that they have 30 days to exercise the Debt Warrants, which will expire worthless on the 31st day.

A cash finder’s fee in the aggregate of $42,500 was paid and an aggregate of 180,000 non-assignable agent’s warrants (the “Agent’s Warrants”) was issued to Union Securities Ltd., which has agreed to act on a best efforts agency basis with respect to the Financing. The Agent’s Warrants have the same terms as the Debt Warrants.

Proceeds from this Financing will be used to fund the Company’s marketing programs, establish licensing agreements and for general working capital purposes.

Dwight Romanica, the Company’s Chief Executive Officer, participated in the Financing in the amount of $150,000, evidencing his continued commitment to and support of the Company. Mr. Romanica stated: “ISee3D is a company with a compelling solution to a pressing market need, and is poised for growth as it solidifies licensing relationships.”

All of the securities issued under the Financing will be subject to a hold period expiring four months and one day from the date of issuance.

About ISee3D
ISee3D is driving the universal adoption of 3D single lens capture – from consumers and Hollywood to health care and military. The Company is introducing the first commercially feasible single lens, single camera 3D capture technology. Scalable in size from one mm in diameter to more than over 250 mm, the patented technology can be applied across many devices. Through its patented optical switch technology, ISee3D continues to aggressively pursue the best in 3D innovation to ensure an immersive 3D viewing experience, rather than the traditional two lenses or 2D conversion approaches that are the current standard. The Company is headquartered in Toronto with offices in Vancouver and Montreal.