VANCOUVER, March 1 /PRNewswire/ - Intelimax Media Inc. ("Intelimax" or the "Company") (OTCQB:IXMD) is pleased to announce that on February 23, 2011, the Company took the following actions relating to the Company's capital resources:
- The Company entered into conversion agreements with two debt holders for the purpose of converting an aggregate of $300,638.73 USD in current liabilities into units of the Company's common shares at $0.20 USD per unit. Each unit will consist of one share of the Company's common stock and one warrant to acquire an additional share of the Company's common stock exercisable at $0.30 USD for a period of 24 months;
- The Company entered into a new loan agreement with an investor for $450,000 USD. The loan will carry an annual interest rate of 15% and is due on demand;
- The Company entered into subscription agreements with two investors for the sale of 2,250,000 units at $0.20 USD per unit for aggregate proceeds of $450,000 USD. Each unit will consist of one share of the Company's common stock and one warrant to acquire an additional share of the Company's common stock exercisable at $0.30 USD for a period of 24 months.
The Company has not yet closed these agreements, but expects to do so within the next 21 days.
"We are very excited about the continued development and anticipated launch of our brand new subscription based gaming platform. Our flagship website gamboozle.com will offer members a variety of social gaming features to complement our new poker, casino and casual games and tournaments. The closing of this recent financing allows the Company to remain on schedule to launch and market our new gaming platform to current and new members," said Glenn Little, President and CEO.
About Intelimax Media Inc.
Intelimax Media Inc. (www.intelimax.com) is an Internet media services company focusing on online games, social networking and web content. Using its proprietary InteliGaming multi player network, Intelimax offers subscription based gaming on its website, (http://www.gamboozle.com).
For and on behalf of the board of Intelimax,
Glenn Little, President & CEO
Forward Looking Statements:
Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to Intelimax or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors such as the level of business and consumer spending, the amount of sales of Intelimax's products, the competitive environment within the industry, the ability of Intelimax to continue to expand its operations, the level of costs incurred in connection with Intelimax's expansion efforts, economic conditions in the industry and the financial strength of Intelimax's customers and suppliers. Intelimax does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.
SOURCE Intelimax Media Inc.