IDW MEDIA HOLDINGS CLOSES PRIVATE PLACEMENT TO EXISTING STOCKHOLDERS
IDW Media Holdings, Inc. (OTC PINK: IDWM), is pleased to announce that it closed the previously announced non-brokered private placement pursuant to which the Company issued to certain existing stockholders 190,597 shares of its Class B common stock (the “Shares”) at a price of $21.38 per share for a total of approximately $4.1 million raised (the “Offering”).
The proceeds from the Offering will be used by the Company to finance the Company’s IDW Entertainment division, and for general working capital purposes.
The Shares are subject to a contractual restriction on transfer for six months following the closing of the Offering.
All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks, and should be consulted along with this release. To the extent permitted under applicable law, we assume no obligation to update any forward-looking statements.
About IDW Media Holdings
IDW Media Holdings (OTC: IDWM) is a fully integrated media company, which includes the award-winning IDW Publishing, IDW Games, IDW Entertainment, Top Shelf Productions, the San Diego Comic Art Gallery, and CTM Media Group Inc. a subsidiary of IDW Media Holdings (OTC:IDWM, OTCBB:IDWM, OTCPK:IDWM). CTM Media Group Inc. is one of North America’s largest distributors of tourism information. Distributing over 100 million brochures last year, CTM’s comprehensive visitor out of home marketing network includes over 14,000 brochure information displays and 400 award-winning touch screen kiosks.