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Intertainment Media receives financing offer from mutual fund

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Intertainment Media has received interest from an international mutual fund to complete a non-brokered equity offering of CAD1m subject to board and TSX Venture approval.<

Intertainment Media has received interest from an international mutual fund to complete a non-brokered equity offering of CAD1m subject to board and TSX Venture approval.

The offering will consist of units of Intertainment at a subscription price of CAD0.11 per unit, consisting of one common share with one common share purchase warrant, having an exercise price of CAD0.16 and being valid for two years from the date of closing.

The pricing of the offering is consistent with Intertainment’s announcement on 5 May 2009 confirming that interest in its wholly owned subsidiary Itibiti Systems’s proposed debenture offering of CAD4m has exceeded the maximum available under that financing.

The funds will be used for working capital and corporate purposes, including support for the launch of the company’s core and divisional programs.

"The company continues to garner strong interest from the financial investment community as it accelerates its business model and launches its private label social media application – itiBiti," says David Lucatch, chief executive of Intertainment Media.

Itibiti Systems’ platform, itiBiti, provides entertainment, communications and social networking initiatives displayed directly onto a user’s computer desktop.

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