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Eight Solutions Inc. to Undertake $5M Private Placement (and List Shares on TSX Venture Exchange)
Tuesday, July 28, 2015Company Profile | Follow Company
Vancouver, BC, July 28, 2015--(T-Net)--Eight Solutions Inc. (CSE:ES) announced that it has engaged Cantor Fitzgerald Canada Corporation to undertake a brokered private placement of up to $5 million in new financing.
Eight Solutions Inc. (formerly Gener8 Media Corp.) is a media technology company led by a team of gaming industry veterans.
The Company creates and develops technology solutions where science and art are brought together to solve business challenges.
Eight's portfolio includes its 3D Technology (previously Gener8 and to be renamed), an industry leading 3D conversion technology; Cumul8, a data analytics solution focused on data visualization; and Reelhouse, an on-line entertainment distribution community designed for superior digital film experiences.
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Editor's Note: Eight Solutions is led by Rory Armes, Founder and Chief Executive Officer, Director.
Rory is a former Senior Vice President at Electronic Arts, where he headed game development in London, Sweden, Montreal and Vancouver.
He was responsible for EA's largest franchises, including Need for Speed, FIFA, Harry Potter and NHL. Prior to joining EA, Rory was also cofounder and president of Radical Entertainment, a leading developer of interactive entertainment. He was also a senior executive with Distinctive Software Interactive, a company acquired by EA.
Eight Solutions recently announced that it had monetized its 3D technology by creating a licensing fee for Prime Focus' use of its 3D Technology that will generate up to $2 million per annum over each of the next five years.
The Prime Focus partnership also enables the Company to reduce its reliance on 3D conversion services and redirect the Company's efforts toward its original goal of creating and developing new technologies that provide disruptive solutions in dynamic industry sectors.
An additional initial payment to the Company by Prime Focus of $6.5 million will be used by Eight to further develop its other two current technologies, Cumul8 and Reelhouse.
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According to the terms of the new financing engagement, units will be sold at a price of $0.50 per Unit (the “Issue Price”) for gross proceeds of up to $5 million (the “Offering”).
Each Unit will consist of one common share in the capital of the Company (each, a “Common Share”) and one common share purchase warrant (each, a “Warrant”), which will entitle the holder to acquire one Common Share at a price of $0.60 per Common Share for a period of 24 months from the closing of the Offering. See full details of the offering terms here.
Funds raised from the Offering are anticipated to be used to further develop and commercialize Cumul8, the Company's unique data visualization solution, and for general corporate and working capital purposes.
Closing of the Offering is anticipated to occur on or about August 7, 2015 or on such other date as the Company and Cantor Fitzgerald may mutually agree, and will be subject to the receipt of all applicable regulatory approvals, customary closing conditions including satisfactory completion of due diligence and the entry into a definitive agency agreement.
The Offering is also subject to a number of additional conditions including: listing of the Common Shares on the TSX Venture Exchange (the “TSXV”), the execution of certain undertakings by management of the Company not to sell or dispose of any securities for a period of 120 days following closing of the Offering, and the undertaking of the Company not to issue securities at a price below the Issue Price for a period of 120 days following closing of the Offering.
Listing on the TSXV will be subject to the Company meeting all of the TSXV's listing requirements.
About Eight Solutions
Eight Solutions Inc. is a media technology company led by a team of gaming industry veterans. The Company creates and develops elegant technology solutions where science and art are brought together to solve business challenges. Eight's portfolio includes its 3D Technology (previously Gener8 and to be renamed), the industry leading 3D conversion technology; Cumul8, a data analytics solution focused on data visualization; and Reelhouse, an on-line entertainment distribution community designed for superior digital film experiences. For more information, visit www.eightsolutions.com.
The CNSX does not accept responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Except for statements of historical fact, this news release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” occur. Although Eight believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
For more Information, please contact:
Danielle Rockel
Vice President of Corporate Affairs
Danielle@eightsolutions.com
Suite 100, 138 East 7th Avenue
Vancouver, British Columbia, V5T 1M6
Phone: (604) 669-8885
Fax: (604) 669-8855
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