Toronto, Ontario--(Newsfile Corp. - June 2, 2015) - Intertainment Media Inc. (TSXV: INT) (OTCPINK: ITMTF) (FSE: I4T) ("Intertainment" or the "Company") is pleased to announce that, further to a press release of the Corporation dated April 8, 2015, it has amended the terms of additional outstanding secured convertible debentures of the Company (the "Debentures") in the aggregate principle amount of $256,000, such that the conversion price of the Debentures has been reduced from $0.12 to $0.05 per share and the maturity date has been extended for a period of 12 months, subject to the holders' right to demand repayment by the Company of the entire principle amount and interest due thereon not later than 120 days from the original maturity date of the Debentures.
In addition, the Company has also amended the terms of 2,049,918 warrants of the Company ("Warrants") issued in connection with the Debentures, such that the exercise price of the Warrants has been reduced from $0.125 to $0.05 per share and the expiry date has been extended for 12 months; however, if the closing price of the common shares of the Company exceeds $0.0625 on the TSX Venture Exchange ("Exchange") for 10 consecutive trading days at any time, the exercise period will be reduced to 30 days commencing on the seventh calendar day following the 10th such trading day.
In all other respects, the terms of the Debentures and Warrants will remain unchanged and in full force and effect. The Debentures and Warrants were issued pursuant to a private placement of units of the Company. Please refer to the Company's press releases dated January 24, 2013, March 22, 2013, April 9, 2013 and May 2, 2013 for more information with respect to this private placement.
The amendments to the terms of the Debentures and Warrants are subject to Exchange acceptance.
About Intertainment - www.intertainmentmedia.com
Intertainment is one of Canada's leading technology incubators and is focused on developing, nurturing and investing in both North American and global technologies and companies that provide technology solutions for brands and consumers alike. Intertainment also owns and operates a number of key properties and has investments in leading edge technologies and social media platforms, including TranzActive, CapThat, theAudience, Lexifone, Shiny Ads and Yappn Corp (www.yappn.com) (OTCQB: YPPN). For more information on Intertainment and its properties, please visit www.intertainmentmedia.com
Intertainment is headquartered in the Toronto, Canada region, with offices in New York and Los Angeles, CA and is listed on the TSX Venture Exchange under the symbol "INT" (TSXV: INT) and in the US under the symbol "ITMTF". Intertainment is also traded in Europe on the Open Market (Regulate Unofficial Market) of the Frankfurt Exchange under the symbol "I4T".
Contact For Intertainment Media Inc.:
Mr. Anthony R. Pearlman, COO
info@intertainmentmedia.com
www.intertainmentmedia.com
Forward Looking Information
This news release contains certain "forward-looking information" within the meaning of such statements under applicable securities law.
Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Actual timelines associated may vary from those anticipated in this news release and such variations may be material. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on this forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States or to or for the account or benefit of U.S. persons (as such terms are defined in Regulation S under the United States Securities Act of 1933, as amended (the "U.S. Securities Act")), absent registration or an exemption from registration. The securities offered have not been and will not be registered under the U.S. Securities Act or any state securities laws and, therefore, may not be offered for sale in the United States, except in transactions exempt from registration under the U.S. Securities Act and applicable state securities laws.
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