INTERTAINMENT RECEIVES COMMITMENTS FOR $48 MILLION SPECIAL WARRANT FINANCING
Intertainment Media Inc. has received commitments to complete a non-brokered private placement of up to 40 million special warrants at a price of $1.20 per special warrant for gross proceeds of up to approximately $48-million. Each special warrant will be exchangeable, for no additional consideration, for one common share in the capital of Intertainment and one-half of one common share purchase warrant.
The company will consider the financing commitment in two tranches: the first tranche of up to $28-million and the second tranche of up to $20-million based on assessment of corporate opportunities and expansion. The company may elect, at its sole discretion, to take less than the amount offered.
The offering group consists of institutional investment firms, including Toronto-based AlphaNorth Asset Management Inc., a prominent investment fund based in the United States, accredited investors, and Intertainment board and management.
Proceeds will be used to accelerate the company's core new media offering, including Ortsbo, Ad Taffy and itiBiti, potential acquisition opportunities and working capital purposes.
Hold-On ! ;-)))