Proceeds used for general working capital and expansion initiatives
By Devika Patel
Knoxville, Tenn., June 20 - Intertainment Media Inc. said it plans a C$3.5 million non-brokered private placement of convertible debenture units with Crede CG II, Ltd.
The company will sell units of a C$1 million unsecured convertible debenture and 10 million warrants.
The 12% convertibles mature in three years and will be convertible into common stock at C$0.10 per share, which is a 25% premium to the June 19 closing price of C$0.08.
The debentures are redeemable at any time.
Each warrant is exercisable at C$0.12 for three years. The strike price reflects a 50% premium to the June 19 closing share price.
Proceeds will be used for general working capital and expansion initiatives for Intertainment and its subsidiaries.
Intertainment is a Toronto-based conventional and new media company.
Issuer: | Intertainment Media Inc.
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Issue: | Units of a C$1 million unsecured convertible debenture and 10 million warrants
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Amount: | C$3.5 million
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Maturity: | Three years
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Coupon: | 12%
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Conversion price: | C$0.10
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Call: | Yes
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Warrants: | 10 million warrants per unit
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Warrant expiration: | Three years
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Warrant strike price: | C$0.12
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Agent: | Non-brokered
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Investor: | Crede CG II, Ltd.
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Pricing date: | June 20
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Stock symbol: | TSX Venture: INT
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Stock price: | C$0.08 at close June 19
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Market capitalization: | C$25.99 million
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