Offering raises cash for product commercialization, business growth
By Devika Patel
Knoxville, Tenn., Sept. 8 - Hipso Multimedia Inc. said it arranged a C$5 million equity line facility with Dutchess Opportunity Fund LP.
Dutchess has committed to purchase up to C$5 million of the company's common shares over three years.
"We are very pleased with Dutchess' commitment," Hipso chief executive officer Rene Arbic stated in a news release. "It is one of several financing strategies that will be pursued to accelerate the commercialization of our products and business growth.
"Dutchess has the track record and experience in the industry and has been a leader in providing equity credit lines for over 10 years, which contributed significantly to selecting them as our partner."
The Ile des Soeurs, Quebec, company operates a triple play network providing digital television, voice over internet protocol and high-speed internet access via fiber optic cable.
| Issuer: | Hipso Multimedia Inc.
|
| Issue: | Equity line facility
|
| Amount: | C$5 million
|
| Tenor: | Three years
|
| Warrants: | No
|
| Investor: | Dutchess Opportunity Fund LP
|
| Pricing date: | Sept. 8
|
| Stock symbol: | OTCBB: HPSO
|
| Stock price: | $0.15 at close Sept. 7
|
| Market capitalization: | $8.21 million
|
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