Business
Fluid Music Increases Size of Private Placement
Fluid Music Increases Size of Private Placement
About this update from Maximus Metals, Inc.
[{"type":"text","content":"\n\n\n\nNov. 18, 2009 (Canada NewsWire Group) -- TORONTO, Nov. 18 /CNW/ -- Fluid Music Canada, Inc. (\"Fluid\"; TSX: FMN) today announced that it has increased the size of the proposed private placement announced on November 11, 2009 to issue up to a total of approximately 9.26 million common shares at a price of $1.75 per common share for gross proceeds of up to $16.2 million. The proposed private placement is being 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\"), and, if necessary, to repay Somerset's outstanding term debt obligations in the event that the lenders thereof do not consent to the change of control that will result from the Offer. As at this date the lenders have not yet consented to such change of control and if they fail to do so or in any event, Fluid may choose to use the proceeds of the private placement to repay such indebtedness. 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 i...