HONG KONG -- Imagi Intl., the Los Angeles and Hong Kong-based animation company, has raised $10 million from a share placing.
Imagi
issued shares equivalent to 7.6% of the company to Hong Kong's Shui On
Holdings, headed by Vincent Lo, which has interests in property and
construction. This ups Shui On's stake to 10.4% of Imagi.
New
coin will go some way to replacing the two $20 million share sales that
Imagi had agreed with Singapore investment group Oxley Spring Media in
July.
However, Oxley investment chief Mark Pawley failed to deliver the first round of coin and Imagi canceled the agreement.
Oxley's
second round commitment has not yet been canceled, but is likely to be
as it was conditional on completing the first round.
Imagi needs the cash to finance its slate of four CG animation features, which have budgets in excess of $30 million.
Company
is in production on "Astro Boy," which is sold by Summit Entertainment,
"Gatchaman," and "Tusker," an elephant adventure previously set up at
DreamWorks Animation.
In a statement to the Hong Kong Stock
Exchange, Imagi said its business and financial position would have
been adversely affected if it had not been able to find finance to
replace Oxley's coin.
The new shares sold to Shui On were issued at a premium of 40% to the prevailing market price.
© Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
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