RE:RE:RE:RE:RE:RE:RE:RE:212 million usersThanks Lockheed, I bookmarked that one, it's my favourites again now. Hopefully we don't experience another upgrade/downgrade and I loose my favourites again. Another factor I put down to the "Stockhouse Syndrome".
In their defense the "white hats" at the Admin level added Quotemedia to the site, a most welcome improvement for me.
The following is proof INT was offerred 48 million at $1.20 a share. INTERTAINMENT RECEIVES COMMITMENTS FOR $48 MILLION
SPECIAL WARRANT FINANCING
TORONTO, CANADA – May 2, 2011 – Intertainment Media Inc. ("Intertainment" or the "Company")
(TSXV: INT / US: ITMTF / FRA: I4T) is pleased to announce that it has received commitments to
complete a non-brokered private placement of up to 40 Million special warrants (each a "Special Warrant")
at a price of $1.20 per Special Warrant for gross proceeds of up to approximately $48,000,000 (the
“Offering”). Each Special Warrant will be exchangeable, for no additional consideration, for one common
share in the capital of Intertainment (each a "Common Share") and one-half of one common share
purchase warrant (each a "Warrant").
The Company will consider the financing commitment in 2 tranches; the first tranche of up to $28 Million,
and will consider 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 US-based investment fund, 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 (KNCTR), potential acquisition opportunities and for working capital purposes.
The Special Warrants will expire on the earlier of (i) the date of issuance of a receipt being issued in
respect of a final prospectus filed in certain Canadian jurisdictions (the "Prospectus") qualifying the
securities issuable upon exchange of the Special Warrants; and (ii) four months following the closing date
of the Offering. Each Special Warrant will be subject to statutory resale restrictions and, absent the
clearing of the Prospectus in Canada, neither the Special Warrants nor the underlying securities may be
traded in Canada during the period of four months following closing of the Offering except in accordance
with applicable securities legislation and TSX Venture Exchange policies.
Each whole Warrant will entitle its holder to purchase one additional Common Share for $2.00 and will
expire 24 months after the date of the closing of the Offering. In the event that the Common Shares trade
at a closing price on the TSX Venture Exchange of $4.00 or higher for a period of 15 consecutive trading
days at any time after four months and one day after the closing of the Offering, the Company may
accelerate the expiry date of the Warrants by giving notice to holders thereof and in such case the
Warrants will expire on the 30th
day after the date on which such notice is given by the Company.
The Company may pay finder's fees of up to 7% cash and 7% broker warrants in accordance with the
TSX Venture Exchange policies. The completion of the Offering is subject to TSX Venture Exchange
acceptance, standard conditions and other regulatory approval.