TORONTO, ONTARIO--(Marketwired - May 21, 2014) - A correction from source is being issued for the release disseminated at 8:30 am, May 21st. The number of Thunderbird shares Difference Capital Financial had purchased in 2012 has been revised from 4 to 3.2 million. The corrected release follows:
Difference Capital Financial Inc. ("DCF") (TSX:DCF)(TSX:DCF.DB) is pleased to announce that it has participated in a private placement financing of Thunderbird Films Inc. ("Thunderbird"). Thunderbird creates, produces and distributes content for the Canadian and US media markets.
DCF invested $2 million of the $11.5 million Preferred Shares financing, which was oversubscribed, and acted as an advisor to Thunderbird. The Preferred Shares were issued at $2.00 per share, pay an 8% per annum dividend and convert into a minimum of one common share upon an IPO or other liquidity event. Proceeds of the financing will be used for general corporate purposes, potential strategic acquisitions and specific production development opportunities. DCF first invested in Thunderbird in December 2012, when it purchased 3.2 million common shares at $1.25 per common share.
"We are pleased to increase DCF's stake in Thunderbird as this investment is a fundamental part of our media investment strategy," said Paul Sparkes, Executive Vice-Chairman at DCF. "We are proud to align ourselves with a strong and dynamic team and believe that compelling content is the next big opportunity."
"We are thrilled with the support from our new and existing shareholders," said Ivan Fecan, Executive Chairman of Thunderbird and Independent Director of DCF. "The Difference Team was instrumental in not only raising the necessary capital, but generating an oversubscribed financing. Their energy, business savvy, sterling reputation and market intelligence were key in making this offering a tremendous success."
About Difference Capital Financial Inc.
Difference Capital Financial Inc. invests in and advises growth companies. We leverage our capital market expertise to help unlock the value in technology, media and healthcare companies as they approach important milestones in their business lifecycle. Difference Capital Financial Inc. is traded under the Toronto Stock Exchange under the symbol "DCF".
About Thunderbird Films Inc.
Thunderbird Films is an expanded multiplatform media production, distribution and rights management company based in Vancouver, BC, Canada. Thunderbird is known for its collaboration with talented producers, maximizing the financial and creative benefits of Canadian co-production to assist in the financing, production and distribution of all genres of programming for the world market. The company is committed to delivering premium finished product that has broad appeal for broadcasters and their audiences worldwide. Today, Thunderbird has a catalogue comprised of more than 500 hours of Canadian and US television content and its programming airs on major networks around the globe. Thunderbird has a joint venture with Lions Gate Entertainment Corporation called Sea to Sky Entertainment.