TORONTO – Score Media said Wednesday it will issue and sell 11.8 million shares to raise $10 million.
The class A subordinate voting shares will be offered at $0.85 each and is being underwritten by Genuity Capital Markets.
The net proceeds will be used to finance high definition upgrades to The Scor’s studio facilities in the Holiday Inn on King building in Toronto, to provide funds for marketing, application development, programming and working capital to Score Poker, Score Mobile, and Hardcore Sports Radio and for general corporate purposes.
The offering is subject to customary closing conditions and is expected to close on or about February 8, 2006.
“We believe that this is a good time to secure additional financing to support our television and our new business initiatives. This financing follows the strong financial performance recently announced in the first quarter of fiscal 2006," said John Levy, chairman and CEO.
