Kangaroo Media to raise up to C$4 million in private placement of stock

By Sheri Kasprzak

New York, July 20 - Kangaroo Media Inc. announced its plans to raise between C$3 million and C$4 million in a private placement of stock with Caisse de depot et placement du Quebec.

The pricing details of the offering have not yet been determined.

A condition of the deal requires Kangaroo to conduct another private placement of up to C$2 million with its existing shareholders.

The proceeds will be used to acquire broadcast rights and for working capital.

Montreal-based Kangaroo broadcasts motor-sports programming.

On Tuesday, after the offering was announced late in the day, the company's stock closed down C$0.02 at C$0.53.

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