The closing of a $10-million merger between local companies Liponex Inc. and ImaSight Inc. has been put off again, with the two firms agreeing to extend the term of their acquisition agreement by another month.

Ottawa's Liponex, which makes "good cholesterol"-increasing drugs, and ImaSight, a Gatineau-based maker of digital X-ray technology, have extended the expiry date of their agreement to June 30.

This is the second such amendment this month – on May 1, Liponex and ImaSight agreed to extend the term of their acquisition agreement until May 7, after it was supposed to have expired on April 30.

The acquisition agreement would for Liponex buying all of the issued and outstanding shares of ImaSight by way of an amalgamation between ImaSight and a wholly owned subsidiary of Liponex formed for this purpose.

The boards of both companies have already approved the merger, and ImaSight shareholders have also voted in favour of the deal.

The companies are now awaiting the outcome of Liponex's annual and special shareholders' meeting, which has now been set for June 20. The TSX Venture Exchange must also grant acceptance for the listing of the new combined company's stock on the bourse.

The deal is expected to close on June 24.

For more details about the proposed Liponex-ImaSight merger, click Liponex considers $10M merger with ImaSight.