Business
Fluid Music Completes $16.2 Million Equity Financing
Fluid Music Completes $16.2 Million Equity Financing
About this update from Maximus Metals, Inc.
[{"type":"text","content":"\n\n\n\nNov. 26, 2009 (Canada NewsWire Group) -- TORONTO, Nov. 26 /CNW/ -- Fluid Music Canada, Inc. (\"Fluid\"; TSX: FMN) today announced that it completed its equity offering of 9.26 million common shares at a price of $1.75 per common share for gross proceeds of $16.2 million.Net proceeds of the financing were approximately $15.38 million and will be used to satisfy in part the cash consideration payable by Fluid pursuant to its successful acquisition of all of the outstanding units of Somerset Entertainment Income Fund (\"Somerset\"), on a fully-diluted basis, which units were taken up on November 25, 2009.The financing was co-led by Desjardins Securities Inc. and Octagon Capital Corporation.In addition, the Credit Agreement among Somerset Entertainment Limited Partnership and the Toronto Dominion Bank was amended to provide for, amongst other discretionary changes, the consent to the change of control of Somerset and an adjustment of the interest rates payable thereunder to current market rates for credit facilities of this nature.About Fluid Music Canada, Inc.Fluid is a leading private label music aggregation and distribution company, providing music solutions to both business and individual consumers. Fluid has compiled a music library of over five million songs, free of digital rights management restrictions, from a diverse network of producers, including major label, independent and emerging artists. Fluid's revenue model is comprised largely of programming and broadcasting services for retail and hospitality businesses through a wholly-owned subsidiary. Fluid's objective is to grow its business by monetizing its music catalogue through a range of sales channels and partners.About Somerset Entertainment Income FundSomerset is the leading North American producer and distributor of specialty music and DVDs sold internationally through non-traditional music retailers using interactive displays and a distributor of music in digital format. Somerset's extensive distribution network includes mass merchants, specialty chains and independent gift stores in more than 20 countries, including the United States and Canada. Based in Toronto, Canada, Somerset employs over 180 people at offices in Toronto, Ontario (Canada); Buffalo Grove, Illinois, and Minneapolis, Minnesota (U.S.A.); and Essex, England (U.K.).Forward-Looking Statement...