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OTC: ILUS, ILUS International (Ilustrato Pictures International Inc), Secures$15 Million in Funding From Three Funders
OTC: ILUS, ILUS International (Ilustrato Pictures International Inc), Secures$15 Million in Funding From Three Funders.
About this update from Ilustrato Pictures International Inc.
[{"type":"text","content":"\n NEW YORK, NY, Feb. 15, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- ILUS International Inc (OTC: ILUS) is a Mergers and Acquisitions company focused on acquiring and developing public safety technology-based companies across the globe. The company has recently completed several acquisitions and is in the process of reaching agreements on several more. ILUS confirmed that it has now recently signed three funding deals for a total of $15 million, putting the company in a strong cash position to execute its current plans and move on its next phase of opportunities.  Following an extensive period of thorough due diligence conducted by the funders, ILUS secured $15 million of funding from a syndicate of three funds/family offices who are typically focused on the funding of high growth technology companies. The three companies are RB Capital, Discover Fund and Luki Ventures. No dilution is taking place for the funding, which was secured through fully repayable, 1-year term, non-toxic promissory notes. The funding also includes a cash warrant option for a further $6 million, should ILUS require it.  ILUS confirmed that the first two draw down tranches of funding have already been received with the third tranche being received next week. The funding will be used by ILUS to expand its operations, streamline production, ramp up marketing and complete its next round of acquisitions, where ILUS is focused on the acquisition of high value technology and its own distribution channels. In addition, over the next quarter, some of the funding will be used to remove the GPL Ventures, LLC debt and completely remove them as a noteholder from the company. Although non-toxic, the ILUS management understands that Shareholders would have more comfort knowing that this debt is being removed. ILUS have reached an arrangement with GPL to settle this debt on suitable terms and this debt is being settled out of this current phase of funding.  The first of the three funders, RB Capital, is a well-known and reputable financier in the OTC and public markets. The company is known for partnering with emerging companies and supporting them to refinance on better terms, remove historic toxic debt, and strengthen their balance sheets.  Brett Rosen, Managing Partner of RB Capital added, “After meeting with the leadership of ILU...