By Devika Patel
Knoxville, Tenn., Jan. 29 - Intertainment Media Inc. said its subsidiary Itibiti Systems Inc. has arranged a C$3 million private placement of 15% convertible debentures.
Each C$50,000 debenture will be convertible into either Intertainment units at a conversion price of C$0.10 per unit or Itibiti common shares at C$0.70 per share upon the occurrence of a liquidity event.
Each Intertainment unit consists of one Intertainment common share and one warrant, with each Intertainment warrant exercisable at C$0.10 for two years.
Proceeds will be used for the completion and live launch of Itibiti System's voice powered social networking platform, strategic growth opportunities and general corporate purposes.
Intertainment is a Toronto-based conventional and new media company. Itibiti is its private subsidiary.
| Issuer: | Itibiti Systems Inc.
|
| Issue: | Convertible debentures, convertible into either Intertainment units of one Intertainment common share and one Intertainment warrant or Itibiti common shares
|
| Amount: | C$3 million
|
| Coupon: | 15%
|
| Price: | Par of C$50,000
|
| Yield: | 15%
|
| Conversion price: | C$0.10 per Intertainment unit, C$0.70 per Itibiti share
|
| Warrants: | One warrant per Intertainment unit upon conversion
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10
|
| Pricing date: | Jan. 29
|
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