Non-brokered offering will finance general working capital, expansion
By Devika Patel
Knoxville, Tenn., Oct. 4 - Intertainment Media Inc. said it will conduct a C$2.5 million non-brokered private placement of units. The company said it has confirmed interest and subscription agreements for C$1.1 million of the units, which are being sold on substantially the same terms as the offering the company priced on Aug. 28.
In the latest placement, the company will sell 12.5 million units of one common share and one warrant at C$0.20 per unit.
Each two-year warrant will be exercisable at C$0.29. The strike price reflects a 52.63% premium to the Oct. 3 closing share price of C$0.19.
Proceeds will be used for general working capital and expansion.
Intertainment is a Toronto-based conventional and new media company.
| Issuer: | Intertainment Media Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2.5 million
|
| Units: | 12.5 million
|
| Price: | C$0.20
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.29
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 4
|
| Stock symbol: | TSX Venture: INT
|
| Stock price: | C$0.19 at close Oct. 3
|
| Market capitalization: | C$56.2 million
|
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