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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
        AND EXCHANGE COMMISSION</strong></font></div>
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        DC 20549</strong></font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 16pt; FONT-FAMILY: Times New Roman"><strong>FORM
        8-K</strong></font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT
        REPORT PURSUANT TO SECTION 13 OR 15(D) OF</font></div>
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        SECURITIES EXCHANGE ACT OF 1934</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
                  of report (Date of earliest event reported)</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">October
                  31, 2005</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 22pt; FONT-FAMILY: Times New Roman"><strong>POSITRON
                  CORPORATION</strong></font></div>
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                  Name of Registrant as Specified in Its
                  Charter)</font></div>
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              <td valign="top" width="33%" style="BORDER-BOTTOM: #000000 thin solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Texas</font></div>
              </td>
              <td valign="top" width="34%" style="BORDER-BOTTOM: #000000 thin solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">000-24092</font></div>
              </td>
              <td valign="bottom" width="33%" style="BORDER-BOTTOM: #000000 thin solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">76-0083622</font></div>
              </td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State
                  or Other Jurisdiction of&#160;Incorporation)</font></div>
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                  File Number)</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(I.R.S.
                  Employer Identification No.)</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1304
                  Langham Creek Drive, Suite 300, Houston, Texas 77084</font></div>
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              <td valign="top" width="67%">
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                  of Principal Executive Offices)</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Zip
                  Code)</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(281)
                  492-7100</font></div>
              </td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Registrant's
                  Telephone Number, Including Area Code)</font></div>
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              <td valign="top" width="100%">&#160;</td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Former
                  Name or Former Address, if Changed Since Last Report)</font></div>
              </td>
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            <tr>
              <td valign="top" width="100%">&#160;</td>
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        the
        appropriate box below if the Form 8-K filing is intended to simultaneously
        satisfy the filing obligation of the registrant under any of the following
        provisions (see General Instruction A.2. below):</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o</font>&#160;Written
        communications pursuant to Rule 425 under the Securities Act (17 CFR
        230.425)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-FAMILY: Wingdings">o</font>
        Soliciting material pursuant to Rule
        14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-FAMILY: Wingdings">o</font>
        Pre-commencement communications pursuant
        to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-FAMILY: Wingdings">o</font>
        Pre-commencement communications pursuant
        to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div><br>
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        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

            <tr valign="top" style="LINE-HEIGHT: 1.25">
              <td align="left" style="WIDTH: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ITEM
                1.01</font></td>
              <td align="left">
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Entry
                  into a Material Definitive Agreement.</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        October 31, 2005, Positron Corporation ("Positron") entered into a series
        of
        agreements with IMAGIN Diagnostic Centres, Inc. ("IMAGIN") pursuant to which
        IMAGIN agreed to purchase from Positron 10% convertible secured notes in
        the
        aggregate principal amount of $400,000. In addition, the Board approved the
        sale
        of an additional 10% convertible secured note in the principal amount of
        $25,000
        to a private investor on the same terms. If the notes held by IMAGIN are
        converted in full into common stock, IMAGIN will control approximately 45%
        of
        Positron's outstanding common stock, based on the 76,325,046 shares outstanding
        as of October 31, 2005. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Simple
        interest accrues on the notes at the rate of 10% per annum and is payable
        annually. However, at Positron's option, interest is payable in the form
        of
        additional notes. Subject to acceleration, the notes are due on October 31,
        2008. In the event Positron defaults in the payment of principal or interest
        on
        the notes, does not obtain shareholder approval prior to January 1, 2006
        to
        amend its Articles of Incorporation to increase its authorized shares of
        common
        stock to allow for full conversion of the notes, becomes subject to certain
        bankruptcy proceedings, or otherwise breaches the terms of the notes, all
        amounts owing on the notes become immediately due and payable.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        notes
        are initially convertible into an aggregate of 21,250,000 shares of Positron's
        common stock. The notes and the underlying securities have not been registered
        under the Securities Act of 1933 and may not be offered or sold in the United
        States absent registration or an applicable exemption from registration
        requirements.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Patrick
        G. Rooney, Chairman of the Board of Positron, is the son of Patrick Rooney,
        Director of Corporate Development of IMAGIN Diagnostic Centres, Inc.
</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div>
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              <td style="WIDTH: 72pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ITEM
                  2.03 </font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Creation
                  of a Direct Financial Obligation or an Obligation under an Off-Balance
                  Sheet Arrangement of a Registrant.</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
              </td>
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        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        information set forth under Item 1.01 "Entry into a Material Definitive
        Agreement" is incorporated herein by reference. </font></div><br>
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            <tr valign="top" style="LINE-HEIGHT: 1.25">
              <td align="left" style="WIDTH: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ITEM
                9.01.</font></td>
              <td align="left">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Financial
                  Statements and Exhibits</u></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibits</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="justify" valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
                  10.1</font></div>
              </td>
              <td align="justify" valign="top" width="54%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Note
                  Purchase Agreement dated October 31, 2005 between Positron and
                  IMAGIN
                  Diagnostic Centres, Inc. </font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="15%">&#160;</td>
              <td align="justify" valign="top" width="54%">&#160;</td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
                  10.2</font></div>
              </td>
              <td align="justify" valign="top" width="54%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
                  Secured Convertible Promissory Note</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="15%">&#160;</td>
              <td align="justify" valign="top" width="54%">&#160;</td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
                  10.3</font></div>
              </td>
              <td align="justify" valign="top" width="54%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registration
                  Rights Agreement dated October 31, 2005 between Positron and IMAGIN
                  Diagnostic Centres, Inc. </font></div>
              </td>
            </tr>

        </table>
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        TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF 1934, THE REGISTRANT
        HAS
        DULY CAUSED THIS REPORT TO BE SIGNED ON ITS BEHALF BY THE UNDERSIGNED THEREUNTO
        DULY AUTHORIZED.</font></div>
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                <td colspan="2"><font size="2">POSITRON CORPORATION</font></td>
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                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:
                  October 31, 2005</font></td>
                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:&#160;&#160;</font></td>
                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
                  Patrick G. Rooney</font></td>
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                  <hr style="COLOR: #000000" align="left" noshade size="2" width="80%"><font size="2">Patrick
                  G. Rooney</font></td>
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                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chairman
                  of the Board</font></td>
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{"company-data": {"conformed-name": "POSITRON CORP", "cik": "0000844985", "assigned-sic": "3845", "irs-number": "760083622", "state-of-incorporation": "TX", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-24092", "film-number": "051192896"}, "business-address": {"street1": "1304 LANGHAM CREEK DRIVE, SUITE 310", "city": "HOUSTON", "state": "TX", "zip": "77048", "phone": "2814927100"}, "mail-address": {"street1": "1304 LANGHAM CREEK DRIVE, SUITE 310", "city": "HOUSTON", "state": "TX", "zip": "77048"}}
SECURITIES
        AND EXCHANGE COMMISSION
WASHINGTON,
        DC 20549
FORM
        8-K
CURRENT
        REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE
        SECURITIES EXCHANGE ACT OF 1934
Date
                  of report (Date of earliest event reported)
October
                  31, 2005
POSITRON
                  CORPORATION
(Exact
                  Name of Registrant as Specified in Its
                  Charter)
Texas
000-24092
76-0083622
(State
                  or Other Jurisdiction of Incorporation)
(Commission
                  File Number)
(I.R.S.
                  Employer Identification No.)
1304
                  Langham Creek Drive, Suite 300, Houston, Texas 77084
95472
(Address
                  of Principal Executive Offices)
(Zip
                  Code)
(281)
                  492-7100
(Registrant's
                  Telephone Number, Including Area Code)
(Former
                  Name or Former Address, if Changed Since Last Report)
Check
        the
        appropriate box below if the Form 8-K filing is intended to simultaneously
        satisfy the filing obligation of the registrant under any of the following
        provisions (see General Instruction A.2. below):
o
Written
        communications pursuant to Rule 425 under the Securities Act (17 CFR
        230.425)
o
Soliciting material pursuant to Rule
        14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant
        to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant
        to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM
                1.01
Entry
                  into a Material Definitive Agreement.
On
        October 31, 2005, Positron Corporation ("Positron") entered into a series
        of
        agreements with IMAGIN Diagnostic Centres, Inc. ("IMAGIN") pursuant to which
        IMAGIN agreed to purchase from Positron 10% convertible secured notes in
        the
        aggregate principal amount of $400,000. In addition, the Board approved the
        sale
        of an additional 10% convertible secured note in the principal amount of
        $25,000
        to a private investor on the same terms. If the notes held by IMAGIN are
        converted in full into common stock, IMAGIN will control approximately 45%
        of
        Positron's outstanding common stock, based on the 76,325,046 shares outstanding
        as of October 31, 2005.
Simple
        interest accrues on the notes at the rate of 10% per annum and is payable
        annually. However, at Positron's option, interest is payable in the form
        of
        additional notes. Subject to acceleration, the notes are due on October 31,
        2008. In the event Positron defaults in the payment of principal or interest
        on
        the notes, does not obtain shareholder approval prior to January 1, 2006
        to
        amend its Articles of Incorporation to increase its authorized shares of
        common
        stock to allow for full conversion of the notes, becomes subject to certain
        bankruptcy proceedings, or otherwise breaches the terms of the notes, all
        amounts owing on the notes become immediately due and payable.
The
        notes
        are initially convertible into an aggregate of 21,250,000 shares of Positron's
        common stock. The notes and the underlying securities have not been registered
        under the Securities Act of 1933 and may not be offered or sold in the United
        States absent registration or an applicable exemption from registration
        requirements.
Patrick
        G. Rooney, Chairman of the Board of Positron, is the son of Patrick Rooney,
        Director of Corporate Development of IMAGIN Diagnostic Centres, Inc.
ITEM
                  2.03
Creation
                  of a Direct Financial Obligation or an Obligation under an Off-Balance
                  Sheet Arrangement of a Registrant.
The
        information set forth under Item 1.01 "Entry into a Material Definitive
        Agreement" is incorporated herein by reference.
ITEM
                9.01.
Financial
                  Statements and Exhibits
(c)
Exhibits
.
Exhibit
                  10.1
Note
                  Purchase Agreement dated October 31, 2005 between Positron and
                  IMAGIN
                  Diagnostic Centres, Inc.
Exhibit
                  10.2
Form
                  Secured Convertible Promissory Note
Exhibit
                  10.3
Registration
                  Rights Agreement dated October 31, 2005 between Positron and IMAGIN
                  Diagnostic Centres, Inc.
SIGNATURES
PURSUANT
        TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF 1934, THE REGISTRANT
        HAS
        DULY CAUSED THIS REPORT TO BE SIGNED ON ITS BEHALF BY THE UNDERSIGNED THEREUNTO
        DULY AUTHORIZED.
POSITRON CORPORATION
Date:
                  October 31, 2005
By:
/s/
                  Patrick G. Rooney
Patrick
                  G. Rooney
Chairman
                  of the Board
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