ImagineAR Inc (IP)

[Sam Dan]

That didn't take long Closed PP with impressive monies raised
Vancouver, BC – August 26th, 2016 – Imagination Park Entertainment Inc. (CSE: IP) (“Imagination Park” or the “Company”) is pleased to announce that it has closed the final tranche of its previously announced non-brokered private placement (the “Private Placement”), generating aggregate gross proceeds of $585,402.

Pursuant to the Private Placement, an aggregate of 11,708,032 units (each a “Unit”) were issued at a price of $0.05 per Unit. Each Unit consists of one common share and one common share purchase warrant exercisable at a price of $0.10 for a period of one year from the date of issuance.

The securities issued in the Private Placement will be subject to a hold period of four months and one day from the closing date of the private placement, in accordance with the policies of the Canadian Securities Exchange and applicable securities regulations.

Certain directors and officers of the Company participated in the Private Placement by purchasing an aggregate of 498,032 Units. Accordingly, the Private Placement constituted to that extent a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any Units issued to or the consideration paid by such persons exceeded 25% of the Company's market capitalization.

In connection with the Private Placement, $27,950 finder’s fees were paid in cash, and 375,000 finder’s warrants were issued at an exercise price of $0.10 for a period of one year from the date of issuance.

The proceeds of the Private Placement will be used to advance the Company’s feature film and virtual reality portfolio incubation, packaging, and development activities, corporate development, and general working capital purposes.

Imagination Park CEO and Director Gabriel Napora comments, “We are excited to complete this first round financing of the Company as we welcome our existing and growing network of shareholders, industry partners, and aspiring creatives to bring world class virtual reality and conventional digital entertainment content to life.”

The Company also announces that it has issued an additional 665,000 common shares to extinguish debt in the amount of $33,250

Read more at http://www.stockhouse.com/companies/bullboard#rKpKpjlsXKTHICyU.99