Tickers: XCNQ:IP, PINX:IPNFF
Tags: Entertainment, Media
Vancouver, CANADA / TheNewswire / October 12, 2018 - Imagination Park Entertainment Inc. (CSE: IP) (OTC: IPNFF) ("Imagination Park" or the "Company") is pleased to announce that it is proceeding with a non-brokered private placement financing (the "Private Placement") of 16,666,666 units (the "Units") at a price of $0.12 per Unit for gross proceeds of CDN $2,000,000. Currently, the Company has received firm commitments from new and existing investors as well as insiders for over $2,000,000.
Each Unit is comprised 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 thirty-six months at a price of $0.25.
Insiders of the Company plan to participate for at least 10% 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 ("AR") 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 October 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.
"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 CEO. "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."
Imagination Park, through its wholly-owned subsidiary XenoHolographic, creates engaging and interactive holographic content delivered by its cloud-based augmented reality enterprise platforms. The Company provides augmented reality products for mobile phones and wearable headsets, as well as rapid deployment of AR solutions, without the need for developers, while integrating artificial intelligence (AI) and Blockchain.
For more information or to explore working with Imagination Park, please email info@imaginationpark.com, or visit www.imaginationpark.com.
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The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.
This press release may include 'forward-looking information' within the meaning of Canadian securities legislation, concerning the business of the Company. The forward-looking information is based on certain key expectations and assumptions made by Imagination Park's management. Although Imagination Park believes that the expectations and assumptions on which such forward- looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Imagination Park can give no assurance that it will prove to be correct. These forward-looking statements are made as of the date of this press release, and Imagination Park disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
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