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Rainmaker Announces Closing of Base 10 Investment Sale(December 19, 2011)
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/19/11 -- Rainmaker Entertainment Inc. (TSX:RNK) is pleased to announce today that further to its news release dated November 28th, 2011 it has completed the sale transaction of its remaining equity interest in Base 10 Group Inc. ("Base 10").
Rainmaker received cash proceeds of $5.6 million in exchange for its equity interest in Base 10 Group Inc., and elimination of any previously announced earn-out interests in Base 10. In addition, Rainmaker's outstanding promissory note totaling $330,000 was repaid, resulting in a total cash payment of $5.93 million on closing.
Additional information and other publicly filed documents relating to Rainmaker, including the Annual Information Form, are available through the internet on the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval ("SEDAR"), which can be accessed at www.sedar.com.
This press release and any related attachments may contain forward-looking statements that involve a number of risks and uncertainty. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are market and general economic conditions and the risk factors detailed from time to time in the periodic reports and documents filed by the Company with The Toronto Stock Exchange and other regulatory authorities. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and the Company undertakes no obligation to update the forward-looking statements should there be a change in conditions, or in management's estimates or opinions.
The contents of this press release have neither been approved nor disapproved by any regulatory authority.
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