Certain Insiders Participated in Upsized Private Placement
Vancouver, Canada / TheNewswire / November 5, 2018 - Imagination Park Entertainment Inc. (CSE: IP) (OTC: IPNFF) ("Imagination Park" or the "Company") announces the completion of an over-subscribed non-brokered private placement financing of 25,239,318 units (the "Units") at a price of C$0.12 per Unit for gross proceeds of $3,028,718 (the "Private Placement"). Insiders participated in the financing and represented 44% of the total Units or $1,341,406.
Each Unit is comprised of one common share and one non-transferable warrant (each, a "Warrant"), with each Warrant entitling the holder to purchase one additional common share of the Company for a period of up to thirty-six months at a price of C$0.25. The Warrants, if fully exercised by holders thereof, would represent an additional $6,309,830 in proceeds to the Company.
Further, the Company paid $3,696 as finder's fees. All securities issued pursuant to the Private Placement are subject to a four-month hold plus one day expiring on March 6, 2019.
"Since announcing the private placement about three weeks ago, investor response has exceeded our expectations," said Alen Paul Silverrstieen, Imagination Park's President and CEO. "We have recently taken steps to focus the organization on sales and marketing and are working on advancing our 20 customer prospects in our sales funnel. The additional funds from the upsize provide us with at least twelve months of runway along with the pursuit of an intellectual property strategy. We look forward to updating our investors and the broader market as we advance these milestones."
The Private Placement is intended to provide a sufficient period of time for commercialization of the Company's XenoHolographic Product Suite, one of the world's first platform-agnostic, cloud-based augmented reality enterprise platforms. Use of proceeds from the Private Placement include hiring additional sales and marketing personnel, securing patents and pursuing new strategic partnerships and opportunities with leading brands.
Imagination Park, through its wholly-owned subsidiary XenoHolographic, creates engaging and interactive holographic content delivered by its cloud-based augmented reality enterprise platforms. The Company provides augmented reality products for mobile phones and wearable headsets, as well as rapid deployment of AR solutions, without the need for developers, while integrating artificial intelligence (AI) and Blockchain.
ON BEHALF OF THE BOARD,
Alen Paul Silverrstieen
President & CEO
We encourage you to do your own due diligence and ask your broker if Imagination Park Entertainment Inc. (CSE: IP) is suitable for your particular investment portfolio*.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.
This press release may include 'forward-looking information' within the meaning of Canadian securities legislation, concerning the business of the Company. The forward-looking information is based on certain key expectations and assumptions made by Imagination Park's management. Although Imagination Park believes that the expectations and assumptions on which such forward- looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Imagination Park can give no assurance that it will prove to be correct. These forward-looking statements are made as of the date of this press release, and Imagination Park disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.