Proceeds for general working capital and expansion initiatives
By Devika Patel
Knoxville, Tenn., April 9 - Intertainment Media Inc. said it raised C$290,000 in the second tranche of a C$1 million non-brokered private placement of convertible debenture units. The deal priced Jan. 21 and was revised on March 7. The offering raised C$300,000 on March 22.
The company is selling 1,000 units of a C$1,000 secured convertible debenture and 8,333 warrants at C$1,000 per unit. It sold 300 units in the initial tranche and 290 units in the second tranche.
The 12% convertibles mature in two years and are convertible into common stock at C$0.12 per share, which is a 7.69% discount to the C$0.13 closing stock price on Jan. 18.
The debentures are redeemable at any time.
Each warrant is exercisable at C$0.125 for two years. The strike price reflects a 3.85% discount to the Jan. 18 closing share price.
Proceeds will be used for general working capital and expansion initiatives.
Intertainment is a Toronto-based conventional and new media company.
| Issuer: | Intertainment Media Inc.
|
| Issue: | Units of a C$1,000 secured convertible debenture and 8,333 warrants
|
| Amount: | C$1 million
|
| Units: | 1,000
|
| Price: | C$1,000
|
| Maturity: | Two years
|
| Coupon: | 12%
|
| Conversion price: | C$0.12
|
| Call option: | Yes
|
| Warrants: | 8,333 warrants per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.125
|
| Agent: | Non-brokered
|
| Pricing date: | Jan. 21
|
| Revised: | March 7
|
| Settlement date: | March 22 (for C$300,000), April 9 (for C$290,000)
|
| Stock symbol: | TSX Venture: INT
|
| Stock price: | C$0.13 at close Jan. 18
|
| Market capitalization: | C$30.51 million
|
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