Vancouver, B.C. – June 22, 2017 – Imagination Park Entertainment Inc. (CSE: IP) (OTCQB: IPNFF) (“Imagination Park” or the “Company”) is pleased to announce it has engaged Sally Yeh as VP, Greater China to further the Company’s commitment to the Chinese marketplace for its content.
Sally Yeh is an accomplished film producer in China. Having worked at Warner Brothers, Hengdian and China Film Group on ‘CC2C,’ Bollywood’s first production in China and IMAX’s ‘The Lady and the Panda’, Ms. Yeh has lived in Shanghai and Beijing for 14 years and has access to some of the largest production companies and talent in China.
She is both a development and hands-on Producer and started her career as a reader for her instructors at the American Film Institute. After receiving her MFA, Ms. Yeh moved to China and worked with Rita Cahill, David Dozoretz, Philip Lee and Sid Ganis on developing various projects.
Ms. Yeh’s role with Imagination Park will be in development, creation of projects for the Chinese and worldwide markets, as well as introducing the Company to top talent in China.
Gabriel Napora, Chairman of the Company, stated: “I’ve known Sally for over 5 years and she’s proven time and time again she has incredible access to the Chinese market and to top production companies, government entities and financing sources. Sally is exceptional at connecting the right project to the right money source and we see her as a very valuable asset for our future plans in China.”
Sally Yeh added: “I’m very excited to be part of the Imagination Park team. The work being produced by Imagination Park is second to none and having hosted executives in China and had many significant meetings, I can say confidently China will embrace the content Imagination Park is producing. “
Further, the Company announces it has closed a non-brokered private placement financing (the “Private Placement”) for aggregate gross proceeds of C$261,800.
The Company issued 1,047,200 units (the “Units”) at a price of C$0.25 per Unit. Each Unit comprised of one common share and one-half of one non-transferable share purchase warrant, with each whole warrant (a “Warrant”) entitling the holder to purchase one additional common share of the Company for a period of up to twenty-four months from the date of issue at a price of C$0.35, subject to accelerated expiry in certain circumstances.
In addition, the Company has paid an arm’s length finder’s fees of a total of C$7,560 and issued an aggregate 30,240 finder’s warrants (the “Finders Warrants”) with each Finders Warrant exercisable into a Unit under the same terms as above.
In the event that the closing price of the Company’s common shares is at or above C$0.50 per share for ten consecutive days, the Company may provide notice (the “Acceleration Notice”) to the holders of the Warrants and Finder’s Warrants the expiry date of the Warrants and Finders Warrants has been accelerated and that Warrants and Finders Warrants not exercised within 30 days of the date of the Acceleration Notice will expire 30 days from the date of the Acceleration Notice.
The net proceeds of the Private Placement will be used to aid in the Company’s ongoing efforts to create and deliver transformational experiences through the production and distribution of intellectual property for film and virtual reality, mixed reality and augmented reality technology (“AR & Mixed Reality Tech”) as well as for general corporate purposes.
Alen Paul Silverrstieen, President & CEO of Imagination Park, stated: "We are excited to close our private placement which positions the Company to start executing on our key strategic initiatives in AR & Mixed Reality Tech as well as secure IP for exclusive content proof of concepts”.