IMAGINATION PARK ENTERTAINMENT ANNOUNCING FINANCING
Imagination Park Entertainment Inc. is proceeding with a non-brokered private placement financing of 16,666,666 units at a price of 12 cents per unit for gross proceeds of $2-million. Currently, the company has received firm commitments from new and existing investors as well as insiders for over $2-million.
Each unit consists of one common share and one non-transferable share purchase warrant, with each warrant entitling the holder to purchase one additional common share of the company for a period of up to 36 months at a price of 25 cents.
Insiders of the company plan to participate for at least 10 per cent of the private placement.
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.
Closing of the private placement is expected to occur the week of Oct. 15, 2018. All securities issued will be subject to a four-month-and-one-day hold period. Finder's fees may be paid in connection with the private placement, subject to the policies of the Canadian Securities Exchange.
Management commentary
"Two weeks ago, we signed one of America's largest malls as our first XenoHolographic Product Suite customer," said Alen Paul Silverrstieen, Imagination Park's president and chief executive officer. "We have a healthy pipeline of over 20 prospects and believe that an investment in sales in marketing will not only accelerate the signing of future licensees but also expand awareness of how our solution can help brands create, deploy and manage unique augmented reality marketing content for their target audiences. Management is confident in XenoHolographic Product Suite, and we are increasing our investment in the company."
About Imagination Park Entertainment Inc.
Through its wholly owned subsidiary, XenoHolographic, Imagination Park creates novel holographic content and provides augmented reality products for phones and wearable headsets as well as rapid deployment of AR solutions, without the need for developers, while integrating artificial intelligence (AI) and blockchain
