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Intertainment Media Inc. Announces Bridge Loan
September 19, 2016 4:05 PM EDT | Source: Intertainment Media Inc.
Toronto, Ontario and New York, New York--(Newsfile Corp. - September 19, 2016) - Intertainment Media Inc. (TSXV: INT) (OTC Pink: ITMTF) (FSE: I4T) ("Intertainment" or the "Company") is pleased to announce that it has secured a bridge loan in the aggregate principal amount of $107,000 from certain arm's length parties to the Company (the "Lenders") bearing interest at a rate of 1.0%, accruing monthly and payable upon the earlier of September 19, 2017 or upon demand by the Lenders. The Corporation is in the process of securing additional loans in the amount of up to a maximum principal amount of $300,000.
As security for the payment of the Company's obligations and for the fulfilment and satisfaction of all covenants and agreements made, the Company has entered into a general security agreement with the Lenders pursuant to which the Company has granted the Lenders security interest, which security is subordinated to the existing secured indebtedness of the Company, in respect of all of the Company's present and after acquired property.
The Company has received approval for the grant of Security from a majority of the holders of outstanding principal amount of secured convertible debentures of the Company.
The proceeds will be used by the Company for working capital and general administrative purposes.
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Forward Looking Information
This news release contains certain "forward-looking information" within the meaning of such statements under applicable securities law. 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 Inc. (TSXV") and applicable Canadian securities regulators. 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.
The TSXV has in no way passed upon the merits of the Proposed Consolidation and has neither approved nor disapproved the contents of this press release.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.