The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Marketwire

Intertainment Completes Second Tranche of Private Placement of Units

Friday, November 30, 2012

Intertainment Completes Second Tranche of Private Placement of Units15:55 EST Friday, November 30, 2012TORONTO, CANADA--(Marketwire - Nov. 30, 2012) -NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESIntertainment Media Inc. ("Intertainment" or the "Company") (TSX VENTURE:INT)(OTCQX:ITMTF)(FRANKFURT:I4T) is pleased to announce that it has closed the second and final tranche of the non-brokered private placement of units of Intertainment ("Units") previously announced on October 4, 2012 (the "Placement"). The Company issued 4,520,000 Units at a price of $0.20 per Unit for aggregate gross proceeds of $904,000 pursuant to this second tranche of the Placement. Each Unit consists of one common share and one common share purchase warrant, with each warrant being exercisable into one common share at a price of $0.29 per share until November 30, 2014. The securities issued in respect of the second tranche of the Placement are subject to a four-month hold period expiring March 31, 2013.The total gross proceeds raised under the Placement is $2,279,197.20, of which $1,375,197.20 was received by the Company from the first tranche of the Placement which closed on October 26, 2012. The Company received confirmed interest in the Placement from additional investors; however, these subscriptions were not included in the Placement due to timing restrictions. Intertainment may consider these in the future. Pursuant to the second tranche of the Placement, the Corporation paid a total of $5,250.00 in finder's fees and issued a total of 26,250 finder's warrants, with each finder's warrant being exercisable into one common share at a price of $0.29 per share until November 30, 2014. The Corporation anticipates using the proceeds from the Placement for general working capital and US expansion initiatives for Intertainment and its subsidiaries. Following the completion of the second tranche of the Placement, the Corporation has a total of 353,452,269 common shares issued and outstanding. The completion of the Placement is subject to TSX Venture Exchange acceptance and other regulatory approval.About Intertainment - www.intertainmentmedia.comIntertainment is one of Canada's leading technology incubators and is focused on developing, nurturing and investing in both North American and global technologies and companies that provide technology solutions for brands and consumers alike. Intertainment also owns and operates a number of key properties including Ad Taffy, itiBiti (KNCTR), Ortsbo, Deal Frenzy, The Sweet Card and Magnum, with investments in leading edge technologies and social media platforms including For more information on Intertainment and its properties, please visit is headquartered in the Toronto, Canada region, with offices in New York, Los Angeles and San Mateo, CA and is listed on the TSX Venture Exchange under the symbol "INT" (TSX VENTURE:INT) and in the US on the OTCQX Market under the symbol "ITMTF". Intertainment is also traded in Europe on the Open Market (Regulated Unofficial Market) of the Frankfurt Exchange through the XETRA trading platform under the symbol "I4T".Forward-Looking InformationThis news release contains certain "forward-looking information" within the meaning of such statements under applicable securities law including statements relating to thePlacement. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Actual timelines associated may vary from those anticipated in this news release and such variations may be material. 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. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on this forward-looking information.This news release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States or to or for the account or benefit of U.S. persons (as such terms are defined in Regulation S under the United States Securities Act of 1933, as amended (the "U.S. Securities Act")), absent registration or an exemption from registration. The securities offered have not been and will not be registered under the U.S. Securities Act or any state securities laws and, therefore, may not be offered for sale in the United States, except in transactions exempt from registration under the U.S. Securities Act and applicable state securities laws.FOR FURTHER INFORMATION PLEASE CONTACT: Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Contact Information: Intertainment Media Inc.David