Business
Fluid Music Enters into Engagement Letter
Fluid Music Enters into Engagement Letter
About this update from Maximus Metals, Inc.
[{"type":"text","content":"\n\n\n\nNov. 11, 2009 (Canada NewsWire Group) -- TORONTO, Nov. 11 /CNW/ -- Fluid Music Canada, Inc. (\"Fluid\"; TSX: FMN) today announced that it has entered into an engagement letter with Desjardins Securities Inc. and Octagon Capital Corporation in relation to a proposed private placement of up to $10 million of Fluid common shares. The proposed private placement will be marketed on an agency best efforts basis and priced in the context of the market. The proceeds of the proposed private placement, if any, will be used for general corporate purposes, including if necessary to satisfy the cash consideration payable by Fluid pursuant to its previously announced take-over bid for Somerset Entertainment Income Fund (\"Somerset\") which expires at 6:00 p.m. (Toronto time) on November 25, 2009 (the \"Offer\"). There can however be no assurance that the private placement will be completed or if completed, as to the size, pricing or other terms thereof.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 StatementsCertain statements contained in this release, in addition to certain statements contained...