Non-brokered offering will finance general working capital, expansion
By Toni Weeks
San Diego, Oct. 26 - Intertainment Media Inc. said it completed the first tranche of a C$2.5 million non-brokered private placement of units, raising C$1.38 million.
The company is selling 12.5 million units of one common share and one warrant at C$0.20 per unit. It sold 6,875,986 units in the first tranche.
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.
The units are being sold on substantially the same terms as the offering that the company priced on Aug. 28. At pricing, the company said it had subscription agreements for C$1.1 million of the units. Intertainment said in a press release that it has received commitments for the balance of the placement and is awaiting final subscription documents to facilitate a further closing. Although the TSX Venture Exchange deadline for the placement was Nov. 1, the exchange has granted a 30-day extension should the company require additional time to close the next tranche.
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: | Oct. 26, 2014
|
| Warrant strike price: | C$0.29
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 4
|
| Settlement date: | Oct. 26 (for C$1,375,197)
|
| Stock symbol: | TSX Venture: INT
|
| Stock price: | C$0.19 at close Oct. 3
|
| Market capitalization: | C$56.2 million
|
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