Amcomri Entertainment Inc, through its subsidiary, Trinity Pictures Distribution Limited (Trinity) has announced a proposed Reverse TakeOver of the TSX-V listed entertainment company, Appreciated Media Inc. (Appreciated).
The proposed transaction, which is subject to the approval of the Shareholders of Appreciated, is an all-share acquisition of Trinity and its subsidiary companies, 101 Films, 101 Films International, Hollywood Classics and Abacus Media Rights and values those operating companies at $50m. Appreciated itself has been largely dormant in recent months.
Following the approval of the shareholders of Appreciated the company will be re-named Amcomri Entertainment Inc. and a number of the management team members of Trinity will join the main board of the listed vehicle. A detailed Circular is to be issued to the shareholders of Appreciated following approval by TSX-V.
Various Amcomri entities have also agreed to convert debts owing to them by Appreciated into equity and Amcomri Holdings Limited will provide a $1,000,000 working capital facility to the group.
“This proposed transaction would represent a massive step forward for Amcomri Entertainment Inc and for Appreciated as we continue to grow our global distribution networks and our production capabilities in Canada and the US”, commented Paul McGowan, Chairman of Amcomri Entertainment Inc.
Further details of the transaction can be found in the official announcement at https://www.newsfilecorp.com/release/92574/Appreciated-Announces-Fulfillment-of-Prior-Obligations-Reverse-Takeover-by-Trinity-Pictures-and-Credit-Facility