Non-brokered offering will finance general working capital, expansion
By Devika Patel
Knoxville, Tenn., Nov. 30 - Intertainment Media Inc. said it raised C$904,000 in the second and final tranche of a C$2.28 million non-brokered private placement of units. The deal priced for C$2.5 million on Oct. 4 and raised C$1.38 million on Oct. 26. The offering was increased to C$3 million on Nov. 15.
The company sold 11,395,986 units of one common share and one warrant at C$0.20 per unit. It sold 6,875,986 units in the first tranche and 4.52 million units in the second 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 company said it received interest from additional investors, but did not include these subscriptions in the placement due to timing restrictions. Intertainment may consider the subscriptions in the future.
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$2,279,197
|
| Units: | 11,395,986
|
| 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
|
| Upsized: | Nov. 15
|
| Settlement date: | Oct. 26 (for C$1,375,197), Nov. 30 (for C$904,000)
|
| Stock symbol: | TSX Venture: INT
|
| Stock price: | C$0.19 at close Oct. 3
|
| Market capitalization: | C$41.87 million
|
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