Imagi International Holdings announced agreement on terms for the placement of approximately $10 million in new shares to a wholly-owned subsidiary of Shui On Holdings Limited.
Under the terms of the transaction, approximately 90,600,000 new shares will be acquired, priced at HKD $0.86 per share. The subscription shares will represent an approximate 7.56 percent ownership stake in Imagi International Holdings Limited as enlarged by the placing shares.
The investment is expected to be completed later this month, once regulatory procedures have been completed.
The proceeds of the transaction will be used in the production of computer graphics animated feature films, including Imagi's 2009 release ASTRO BOY.
Earlier this year, Imagi announced that it had entered into a global alliance with Summit Ent. whereby Summit will distribute ASTRO BOY worldwide except for Imagi's reserved territories of Japan, Hong Kong and China.
