Proceeds fund general working capital and expansion initiatives
By Devika Patel
Knoxville, Tenn., Jan. 24 - Intertainment Media Inc. said it settled a C$2.53 million non-brokered private placement of convertible debenture units. The deal priced for C$2.5 million on Dec. 14.
The company sold 2,525 units of a C$1,000 secured convertible debenture and 8,333 warrants at C$1,000 per unit.
The 12% convertibles mature in two years and will be convertible into common stock at C$0.12 per share, which is a 9.09% premium to the Dec. 13 closing price of C$0.11.
The debentures are redeemable at any time.
Each warrant is exercisable at C$0.125 for two years. The strike price also reflects a 13.64% premium to the Dec. 13 closing share price.
Proceeds will be used for general working capital and expansion initiatives.
Intertainment is a Toronto-based conventional and new media company.
| Issuer: | Intertainment Media Inc.
|
| Issue: | Units of a C$1,000 secured convertible debenture and 8,333 warrants
|
| Amount: | C$2,525,000
|
| Units: | 2,525
|
| Price: | C$1,000
|
| Maturity: | Two years
|
| Coupon: | 12%
|
| Conversion price: | C$0.12
|
| Call: | Yes
|
| Warrants: | 8,333 warrants per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.125
|
| Agents: | Non-brokered
|
| Pricing date: | Dec. 14
|
| Settlement date: | Jan. 24
|
| Stock symbol: | TSX Venture: INT
|
| Stock price: | C$0.11 at close Dec. 13
|
| Market capitalization: | C$45.36 million
|
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