Business
Section Rouge Media Inc. announces the first closing of its public offering and the completion of the acquisition of Image In Media Inc.
Section Rouge Media Inc. announces the first closing of its public offering and the completion of the acquisition of Image In Media Inc..
About this update from Falcon Energy Materials Plc
[{"type":"text","content":"\n\n\n\n\nTSX Venture Exchange: SRO\n\nMONTREAL, QC, July 13 /CNW Telbec/ - Section Rouge Media Inc. (\"Section\nRouge\") (TSX Venture Exchange: SRO) announces that it has completed the first\nclosing of its public offering for 7,546,000 units at a price of $0.25 per\nunit for gross proceeds of $1,886,500. Each unit is comprised of one common\nshare of Section Rouge at a price of $0.25 per share and one common share\npurchase warrant. Each warrant entitles its holder to subscribe to one common\nshare of Section Rouge at a price of $0.30 at any time until July 12, 2008.\nSection Rouge has the option to accelerate the warrant exercise period should\nthe average price of its shares trade at a value equal or greater than $0.45\nfor 20 consecutive trading days.\nUnion Securities Ltd. (\"USL\") acted as agent under the offering. Section\nRouge paid USL a cash commission of ten percent (10%) of the gross proceeds\nreceived from the offering. In addition, USL has the option to purchase within\n24 months of closing, 754,600 units of Section Rouge at a price of $0.25 per\nunit. Section Rouge paid to USL an agency fee of $20,000.\nSection Rouge also announces that it has completed the acquisition of all\nthe issued and outstanding securities of Image in Media Inc. (\"Image\") as\npreviously announced on April 7, 2006 (the \"Acquisition\") in consideration for\nthe issuance of (i) 17,333,333 common shares of Section Rouge, (ii) 825,004\nwarrants to subscribe common shares of Section Rouge at a price of $0.22 per\ncommon share, and (iii) options to certain employees of Image, pursuant to\nSection Rouge stock option plan, to subscribe 833,253 common shares of Section\nRouge at a price of $0.30 per common share, until June 22, 2007. Section Rouge\nalso issued 800,000 common shares and 393,330 warrants to InterCapital\nConsultants Inc. as a finder's fee. All of the 17,333,333 common shares as\nwell as certain common shares and warrants of InterCapital Consultants Inc.\nare escrowed or subject to resale restrictions.\nThe offering was made in connection with the Acquisition. The net\nproceeds of the offering will be affected towards the development of Image In\nMedia's business plan and to general working capital of Section Rouge.\nImage in Media is an executive and financial producer in the movie and\ntelevision industry. The Acquisition will a...