Mr. Aric Holsinger reports
CRICKET MEDIA CLOSES SECOND TRANCHE OF JUNIOR BRIDGE FINANCING
Cricket Media Group Ltd. has closed the second tranche of its previously announced junior bridge financing of secured convertible debentures, and has issued additional junior bridge debentures in the aggregate principal amount of $325,000 (U.S.). In the aggregate, the company has now raised gross proceeds of $1,144,000 (U.S.) under the junior bridge loan. The terms of the junior bridge loan and the junior bridge debentures are described in the company's news release dated Aug. 19, 2015. The company intends to use the net proceeds of the junior bridge loan to finance operating expenses.
All securities issued pursuant to the second tranche of the junior bridge loan are subject to a four-month hold period expiring on Jan. 4, 2015.
The subscription for $20,000 (U.S.) of junior bridge debentures by a director of the company under the second tranche constitutes a related-party transaction within the meaning of Multilateral Instrument 61-101 -- protection of minority shareholders in special transactions. For this transaction, the company is relying on the exemption from the formal valuation requirements of MI 61-101 contained in Section 5.5(b) of MI 61-101, and is relying on the exemption from the minority shareholder approval requirements of MI 61-101 contained in Section 5.7(1)(a) of MI 61-101.
We seek Safe Harbor.
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