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.
“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.