Mr. David Lucatch reports
INTERTAINMENT ANNOUNCES SECOND CLOSINGOF PRIVATE PLACEMENT
Intertainment Media Inc. has closed thesecond tranche of its previously announced non-brokered privateplacement of units. Intertainment issued 17,529,325 Units at a price of
.10 per Unit for gross proceeds of $1,752,932.50 in this secondclosing. Each Unit issued pursuant to the private placement is comprisedof one common share of Intertainment ("Common Share") and one commonshare purchase warrant ("Warrant"). Each Warrant issued pursuant to thissecond tranche of the private placement entitles the holder to acquireone Common Share until February 3, 2013. All securities issued inconnection with this second tranche of the private placement are subjectto 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 fromthe first closing of the private placement which closed on January 12,2011. It is anticipated that the net proceeds of the private placementwill be used to accelerate Ortsbo, itiBiti and Ad Taffy as well as forcorporate purposes.
Finders acting in connection with this second tranche of the privateplacement received a finder's fee in the total aggregate amount of$72,240 and 722,400 finder's warrants, with each finder's warrantentitling the holder to acquire one Common Shares at a price of
.13per Common Share until February 3, 2013.
Completion of the private placement is subject to certain conditionsincluding, but not limited to, the receipt of all necessary regulatoryapprovals including TSX Venture Exchange acceptance. Following thecompletion of this second tranche of the private placement, theCorporation has 164,884,813 Common Shares issued and outstanding.
We seek Safe Harbor.