By Devika Patel
Knoxville, Tenn., May 5 - Intertainment Media Inc. said its subsidiary, Itibiti Systems Inc., has increased a private placement of 15% convertible debentures to C$4 million from C$3 million. The deal priced March 3.
The debentures will be sold at C$50,000 apiece and may be converted into Intertainment units at C$0.11 per unit or into Itibiti common shares at C$0.70 per share.
The units will consist of one common share and one warrant. The warrants are exercisable at C$0.16 for two years.
The deal will be led by D&D Securities Co.
Proceeds will be used for the launch of Itibiti's voice-powered social networking platform, for strategic growth opportunities and for general corporate purposes.
Itibiti is a privately held subsidiary of Intertainment, a Toronto-based conventional and new media company.
| Issuer: | Itibiti Systems Inc.
|
| Issue: | Convertible debentures
|
| Amount: | C$4 million
|
| Coupon: | 15%
|
| Price: | Par of C$50,000
|
| Yield: | 15%
|
| Conversion price: | C$0.11 (per unit), C$0.70 (per share)
|
| Warrants: | One warrant per unit upon conversion
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.16
|
| Agent: | D&D Securities Co. (lead)
|
| Pricing date: | March 3
|
| Upsized: | May 5
|
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