November 26, 2009
Fluid Music Canada, Inc. (TSX: FMN) completed a private placement of 9,257,000 common shares at a price of $1.75 per common share for gross proceeds of approximately $16.2 million. Net proceeds of the financing will be used to satisfy in part the cash consideration payable by Fluid Music pursuant to its successful acquisition of all of the outstanding units of Somerset Entertainment Income Fund, on a fully diluted basis, which units were taken up on November 25, 2009.
Desjardins Securities Inc. and Octagon Capital Corporation acted as agents for the financing.
Wildeboer Dellelce LLP acted for the agents with a team that included Charlie Malone, Irene Kim and Nancy Son-Wilkening (corporate/securities).