Intertainment Announces Second Closing of PrivateIntertainment Announces Second Closing of Private Placement
TORONTO, CANADA, Feb 04, 2011 (MARKETWIRE via COMTEX News Network) --
Intertainment Media Inc. ("Intertainment" or the "Company") (TSX VENTURE: INT) is pleased to announce that it has completed the second tranche of its previously announced non-brokered private placement of units ("Units"). Intertainment issued 17,529,325 Units at a price of
.10 per Unit for gross proceeds of $1,752,932.50 in this second closing. Each Unit issued pursuant to the private placement is comprised of one common share of Intertainment ("Common Share") and one common share purchase warrant ("Warrant"). Each Warrant issued pursuant to this second tranche of the private placement entitles the holder to acquire one Common Share until February 3, 2013. All securities issued in connection with this second tranche of the private placement are subject to a four-month hold period, which expires on June 4, 2011.
The total gross proceeds raised under this private placement is $3,000,000, of which $1,247,067.50 was received by Intertainment from the first closing of the private placement which closed on January 12, 2011. It is anticipated that the net proceeds of the private placement will be used to accelerate Ortsbo, itiBiti and Ad Taffy as well as for corporate purposes.
Finders acting in connection with this second tranche of the private placement received a finder's fee in the total aggregate amount of $72,240 and 722,400 finder's warrants, with each finder's warrant entitling the holder to acquire one Common Shares at a price of
.13 per Common Share until February 3, 2013.
Completion of the private placement is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals including TSX Venture Exchange acceptance. Following the completion of this second tranche of the private placement, the Corporation has 164,884,813 Common Shares issued and outstanding.
About Intertainment - www.intertainmentmedia.com
Connecting people with brands, Intertainment Media Inc. is a Rich Media Applications leader, focused on delivering leading edge technology and marketing solutions enabling clients to power enhanced branding, loyalty initiatives and consumer engagement. Selected as a Microsoft Global Agency Initiative partner, Intertainment has joined an elite group of interactive agencies worldwide that Microsoft recommends to its Partners and Customers.
Intertainment owns a number of key properties including Ortsbo, Ad Taffy, itiBiti and Magnum Fine Commercial Printing Limited.
Headquartered in Richmond Hill, ON, with offices in New York, Los Angeles and San Mateo, CA, Intertainment Media Inc. is listed on the TSX Venture Exchange under the symbol "INT".
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The offered securities mentioned in this press release will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.
This new release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
This news release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not undertake any duty to update any forward-looking statements.