Writers' Group Film Corp. (OTCQB: WRIT) is pleased to announce that the Company has signed an investment agreement with Dutchess Opportunity Fund II for the purchase of up to US$10,000,000 of common stock. The equity line financing, which will be available to Writers’ Group upon the effectiveness of a S1 registration statement, allows but does not require Writers’ Group to sell up to US$10,000,000 of common stock to Dutchess at a 5% discount to market price during the 36 month term.
Writers’ Group Film Corp. will use funds from this investment agreement to fund the production and marketing of its Front Row Networks’ and Amiga Games’ projects.
"We are thrilled with this financing arrangement," said Eric Mitchell, CEO of Writers’ Group. "This financing will allow us to access the necessary funds that will allow us to jump into full-scale production of our products so that we can achieve our gaming and music project launch date goals. The equity line provides a low discount to market that will minimize dilution and allow us to maximize value for shareholders."
Douglas Leighton, founder and managing director of Dutchess, stated, "We are happy to be working with Writers’ Group Film Corp. and are excited to implement the ELF for the company. We feel the structure allows the company the flexibility to draw funds as management dictates."
For more information please see the 8K filed with the Securities and Exchange Commission on September 13, 2013.
