Intelimax Closes Non-Brokered Private Placement
VANCOUVER, Oct. 17, 2012 /CNW/ - Intelimax Media Inc. (the "Company") (CNSX:IMD) is pleased to announce that further to its news release of August 28, 2012, the Company has now completed its private placement and has issued an aggregate of 1,690,000 units at a price of $0.20/unit for gross proceeds of $338,000, with each unit being comprised of one common share and one warrant.
The Company paid $21,040 cash compensation and issued 105,200 warrants with an exercise price of $0.30/share to eligible finders in relation to this financing.
The Company has also reached a debt settlement with a former Director & Officer of the Company in relation to $19,500 in debt owed by the Company. The Company has issued an aggregate of 97,500 units at a deemed price of $0.20/unit in settlement of this debt, with each unit being comprised of one common share and one warrant.
Each warrant entitles the holder to purchase an additional common share of the Company for Eighteen months at a price of $0.30/warrant.
All securities issued pursuant to this private placement are subject to a four month hold period expiring on February 18, 2013 subject to Canadian hold period expiry.
About Intelimax Media Inc.
Intelimax Media Inc. (www.intelimax.com) is an Internet media services company focusing on fantasy sports, online games, social media and web content. Using its' proprietary Social Media Platform, Intelimax currently offers daily fantasy sports on its web property DraftTeam.com.
For and on behalf of the board of Intelimax Media Inc.,
Michael Young, President & Director
Forward Looking Statements:
Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to Intelimax or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors such as the ability of the Company to complete the proposed financing in whole or in part, the level of business and consumer spending, the amount of sales of Intelimax's products, the competitive environment within the industry, the ability of Intelimax to continue to expand its operations, the level of costs incurred in connection with Intelimax's expansion efforts, economic conditions in the industry and the financial strength of Intelimax's customers and suppliers. Intelimax does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.
Neither the CNSX Exchange nor its regulations services accepts
for the adequacy or accuracy of this release.
SOURCE: Intelimax Media Inc.For further information:
Phone: 1-866-742-1759 Email: IR@Intelimax.com