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.