Business
IDW Media Announces Private Placement To Existing Stockholders
IDW Media Announces Private Placement To Existing Stockholders.
About this update from Idw Media Holdings, Inc.
[{"type":"text","content":"\n\n\n\nIDW Media Announces Private Placement To Existing Stockholders\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nIDW Media Announces Private Placement To Existing Stockholders\nPR Newswire\nSTAMFORD, Conn. and SAN DIEGO, June 21, 2016\n\n\n\nSTAMFORD, Conn. and SAN DIEGO, June 21, 2016 /PRNewswire/ -- IDW Media Holdings, Inc. (OTC PINK: IDWM), is pleased to announce a non-brokered private placement pursuant to which the Company proposes to issue to certain existing stockholders shares of its Class B common stock (the \"Shares\") at a price of $21.38 per share for a total of $4 million (the \"Offering\"). \n\nThe proceeds from the Offering will be used by the Company to finance the Company's IDW Entertainment division, and for general working capital purposes.\n\nThe Shares will be offered and sold only on a private placement basis to existing holders who own more than 3,000 shares. Such holders may invest up to 5% of their ownership.  \n\nHoward Jonas, Chairman of the Board has committed to invest $2 million in the Offering, and Raging Capital Master Fund, Ltd. has committed to invest approximately $600,000 in the Offering, based on their (and their related parties') current ownership in the Company, and members of management have committed to purchase approximately $639,000 of the Offering.\n\nMr. Jonas and Raging Capital have agreed to purchase any shares that are not purchased by other eligible holders, pro rata in accordance with their current ownership position in the Company.\n\nPurchased shares will be subject to a restriction on transfer for six months following the closing of the Offering.\n\nThe Offering Documents which include a Private Placement Memorandum, a Subscription Agreement and an Accredited Investor Representation Letter are available on the Company's website at http://idwmediaholdings.com/investor-relations/ and through the OTC Disclosure & News Service.  Eligible stockholders of the Company will need to provide proof of ownership of Company stock and accredited investor status.\n\nThis press release does not ...