Imagination Park Closes Non-Brokered Private Placement Financing for Gross Proceeds of $585,402
Vancouver, BC – August 26th, 2016 – Imagination Park Entertainment Inc. (CSE: IP) (“Imagination Park” or the “Company”) is pleased to announce that it has closed the final tranche of its previously announced non-brokered private placement (the “Private Placement”), generating aggregate gross proceeds of $585,402.
Pursuant to the Private Placement, an aggregate of 11,708,032 units (each a “Unit”) were issued at a price of $0.05 per Unit. Each Unit consists of one common share and one common share purchase warrant exercisable at a price of $0.10 for a period of one year from the date of issuance.
The securities issued in the Private Placement will be subject to a hold period of four months and one day from the closing date of the private placement, in accordance with the policies of the Canadian Securities Exchange and applicable securities regulations.
Certain directors and officers of the Company participated in the Private Placement by purchasing an aggregate of 498,032 Units. Accordingly, the Private Placement constituted to that extent a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any Units issued to or the consideration paid by such persons exceeded 25% of the Company's market capitalization.
In connection with the Private Placement, $27,950 finder’s fees were paid in cash, and 375,000 finder’s warrants were issued at an exercise price of $0.10 for a period of one year from the date of issuance.
The proceeds of the Private Placement will be used to advance the Company’s feature film and virtual reality portfolio incubation, packaging, and development activities, corporate development, and general working capital purposes.
Imagination Park CEO and Director Gabriel Napora comments, “We are excited to complete this first round financing of the Company as we welcome our existing and growing network of shareholders, industry partners, and aspiring creatives to bring world class virtual reality and conventional digital entertainment content to life.”
The Company also announces that it has issued an additional 665,000 common shares to extinguish debt in the amount of $33,250.
About Imagination Park
Imagination Park is an emerging digital content production company, working with talented filmmakers around the world to bring conventional as well as virtual reality content to life.
For more information or to explore working with Imagination Park, please call 778.892.9695 or email [email protected].
For a full summary on Imagination Park’s project portfolio, please visit our website at www.imaginationpark.com.
ON BEHALF OF THE BOARD, Gabriel Napora CEO & Director
CONTACT INFORMATION
Suite 1240 – 789 West Pender Street Vancouver, British Columbia, V6C 1H2 Telephone (778) 892-9695 [email protected] www.imaginationpark.com
The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release. This press release may include ‘forward-looking information’ within the meaning of Canadian securities legislation, concerning the business of the Company. The forward looking information is based on certain key expectations and assumptions made by Imagination Park’s management. Although Imagination Park believes that the expectations and assumptions on which such forward- looking information is based are reasonable, undue reliance should not be placed on the forward-look ing information because Imagination Park can give no assurance that it will prove to be correct. These forward - looking statements are made as of the date of this press release, and Imagination Park disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.