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VANCOUVER, BC / ACCESSWIRE / March 29, 2019 / The Wonderfilm Media Corporation (TSXV: WNDR)(OTC: WDRFF), ("Wonderfilm" or the "Company") is pleased to announce that it is scheduled to close its previously announced non-brokered private placement for gross proceeds of $837,100 (the "Private Placement"), which was previously announced on March 28, 2019.
The Private Placement consists of the issuance of 2,391,713 units of the Company ("Units") at $0.35 per Unit. Each Unit consists of one common share of the Company ("Share") and one‑half of one non-transferable common share purchase warrant ("Warrant"). Each whole Warrant will entitle the holder to purchase one additional common share of the Company (a "Warrant Share") of the Company at a price of $0.50 per Warrant Share for a period of 24 months from the closing date. The closing date is expected to occur no later than April 5, 2019.
A financing fee may be paid to certain finders on closing of the Private Placement, consisting of a cash commission of 7.0% of the proceeds identified by each finder and non‑transferable finder's warrants of up to 7% of the number of Units identified by each finder ("Finders' Warrants"). Each two (2) Finders' Warrants will entitle the holder to acquire one common share of the Company ("Finders' Warrant Share") at a price of $0.50 per Finders' Warrant Share for for a period of twenty-four (24) months from their date of issue.
The Private Placement is subject to all necessary regulatory approvals, including acceptance by the TSX Venture Exchange. All securities issued under the Private Placement will be subject to a hold period expiring four months and one day from the date of issuance in accordance with applicable Canadian securities laws.
The Company intends on using the net proceeds of the Private Placement for general working capital purposes.
About Wonderfilm Media
Wonderfilm is a leading publicly traded (TSX Venture Exchange) entertainment company with offices in Beverly Hills; Vancouver, Canada; and Seoul, South Korea. Wonderfilm's main business is the production of high-quality feature films and episodic television that offer international appeal through the Company's guiding philosophy of bringing new financing solutions to an entertainment industry increasingly looking for funding and co-production alternatives. Wonderfilm is a producer and distributor only for the projects disclosed. The legal ownership of movie productions are held in a special purpose legal entity held at arm's length to the Company to facilitate for the qualification of various levels of domestic and foreign government tax credit incentives that are customary in the film and production business.
Neither the TSX Venture Exchange Inc. ("Exchange") nor its regulation services provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this press release.
For further details about the Company, please see the Company's documents filed on the System for Electronic Document Analysis and Retrieval at www.sedar.com.
For further information, please contact:
The Wonderfilm Media Corporation,
Chief Executive Officer
Telephone: (604) 638-4890
Email: [email protected]
Email: [email protected]
SOURCE: The Wonderfilm Media Corporation