Proceeds will be used to to repay an outstanding loan and to fund working capital.
London-based Intandem Films has raised $749,000 (£500,000) through a placing of 12.5m new ordinary shares of .1 pence at a placing price of 4 pence. That represents a premium of 60% to the closing mid price on March 25.
The proceeds will be used to to repay an outstanding loan of $74,900 (£50,000) and to also fund working capital as Intandem expands its operations.
Also, a major shareholder of the company has agreed to convert a $674,000 (£450,000) convertible loan note into 10m new ordinary shares of .1 pence at a conversion price of 4.5 pence per share.l
Intandem had been restructuring its balance sheet; since September 2009 the company has removed $10.4m (£7m) of liabilities, and the only remaining debt is a trade creditor prepayment worth $288,000 (£192,000) as of Dec. 31, 2009.
Intandem CEO Gary Smith said in a statement: “I am delighted to have completed the successful restructuring of our balance sheet and we are now focussed on improving the profit and loss account. We believe that the Placing at a premium to the current share price represents an endorsement of our strategy and we will continue to work hard to provide a return to all our shareholders.”
Intandem’s current projects include Jeremy Sims’ war film Beneath Hill 60;The Devil’s Playground starring Danny Dyer; Ways To Live Forever directed by Gustavo Ron; Nick Moran’s The Kid starring Ioan Gruffudd and Rupert Friend; Matthew Hope’s The Veteran; and Neil Marshall’s Ghost Of Slaughterford.