iPerformance Raises $2.26 Mil in Financing
TORONTO, Jan. 2 /CNW/ - iPerformance Fund Inc. (TSX-VEN: IPR) ("iPerform" or the "Corporation") is pleased to announce the successful closing of its previously-announced private placement of common shares of the Corporation, together with the closing of a convertible debenture financing with an institutional investor, for total gross proceeds to the Corporation of approximately $2.26 million.
Pursuant to the equity private placement transaction, the Corporation issued an aggregate of 1,596,667 common shares at a price of $0.60 per common share for gross proceeds to the Corporation of $958,000. The Corporation's principal shareholder, Integrated Asset Management Corp., subscribed for 1,100,000 of such common shares.
Concurrent with the closing of the equity private placement transaction, the Corporation issued to VentureLink Financial Services Innovation Fund Inc. an 11% convertible debenture in the principal amount of $1,300,000, maturing on December 31, 2007. The outstanding principal amount of the debenture is convertible, in certain circumstances, at a conversion price of $1.00 per share into a maximum of 1,300,000 common shares of the Corporation. VentureLink Financial Services Innovation Fund Inc. focusses on investments in novel, inventive and successful businesses within the financial services sector. It is a part of a family of funds marketed under the VentureLink name, and managed by Skylon Capital Corp.
Net proceeds of the financings will be used to finance deferred sales commissions, seed capital for new hedge funds, costs of establishing new funds and general working capital requirements.
Under applicable securities law, all of the securities issued by the Corporation (including, in the case of the convertible debenture, the underlying shares) will be subject to a 12 month hold period.
With hedge fund assets under management of approximately CDN$270 million as at November 30, 2002, iPerform is one of Canada's fastest growing hedge fund companies and has a mandate to become the leading distributor of alternative investment products to Canadian investors. By selecting well-known managers for exclusive partnerships, iPerform provides Canadian investors, through its lineup of single and multi-manager long/short equity funds, the opportunity to invest with leading hedge fund managers from around the globe.
As a result of the closing of the equity private placement, there are currently outstanding 33,445,016 common shares of the Corporation |
