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| Home : Spackman Equities Group Entertainment Subsidiary Closes Another Round of Pre-IPO Financing |
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Apr 25
2014 |
Spackman Equities Group Entertainment Subsidiary Closes Another Round of Pre-IPO Financing |
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TORONTO, ONTARIO and HONG KONG, HONG KONG--(Marketwired - April 25, 2014) - Spackman Equities Group Inc. ("SEGI") (TSX VENTURE:SQG) announced today that its entertainment subsidiary, Spackman Entertainment Group Limited ("SEGL"), completed a total of USD 4.6 million in pre-IPO financing by way of an equity private placement of shares to three investors. Under this financing, SEGL issued 1,776 common shares at USD 2,588 per share which is equivalent to a pre-money valuation for SEGL of USD 40 million (CAD $ 44 million). This is in addition to last year's total financing of USD 4.65 million, in which USD 3.15 million was raised through a private placement of shares at USD 1,000 per share, and USD 1.5 million through the issuance of convertible notes with a term of 2 years, interest rate of 2% per annum, and are convertible into common shares of SEGL at a conversion price of USD 1,000 at any time before maturity (the "Notes"). |
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| Source:http://www.marketwired.com/mw/release.do?id=1903136&sourceType=3 |
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