VMedia nails down new financing in Phoenix Canada Oil Company deal

By Lesley Hunter

TORONTO – Independent telecom and TV service provider VMedia has brokered an agreement with Phoenix Canada Oil Company that it says will inject new capital to help fund ongoing growth.Financial terms of the deal, which is being structured as a reverse takeover, were not publicly disclosed at this time.The two organizations have signed a non-binding letter of intent dated October 23, 2018 that will see Phoenix initially acquire VMedia through a share issuance, though upon conclusion of the transaction, the new entity will be controlled by VMedia’s current controlling shareholders, said VMedia co-founder George Burger in an interview with Cartt.ca.“Financing is what’s...