Intertainment Media expands private placement, looks to monetize Ortsbo

Intertainment Media has used its Ortsbo platform for things like partnering with the IZOD IndyCar Series for a live chat with its drivers. Intertainment Media (TSXV:INT) today announced that it has increased the size of its previously announced private placement.

The company says it will place up to $2,500,000 additional units at a price of $0.20 per each. Intertainment closed the first tranche of the placement of 6,875,986 Units for proceeds of $1,375,197.20 on October 4th.

Management says it has received subscriptions for the second tranche in excess of $1,400,000, effectively oversubscribing the placement. In order to accommodate this demand, Intertainment will increase the size of the financing to up to $3-million.

Intertainment CEO David Lucatch told Cantech today that the company is now aiming squarely at revenue.

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“Intertainment continues to fulfill its mandate for the business and the private placement provides support for the Company as it executes revenue centric deals and looks towards US listing opportunities, ” he said.

Earlier this month, Intertainment issued a press release detailing its plans to monetize it translation platform Ortsbo. The company said it will address areas such as multilingual customer care and cross-language functionality for on-line games.

Each unit of Intertainment Media’s financing 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. The shares are subject to a four-month hold period from the time of closing.

At press time, shares of Intertainment Media were down 3.3% to $.145.

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