Rainmaker Entertainment Inc.

Rainmaker Entertainment Inc.

February 04, 2015 15:53 ET

Oakwest Corporation Limited Announces Acquisition of Common Shares of Rainmaker Entertainment Inc.

TORONTO, ONTARIO--(Marketwired - Feb. 4, 2015) - Oakwest Corporation Limited ("Oakwest") has filed an early warning report (the "Report") announcing that, on January 30, 2015, it acquired ownership and control over 600,000 common shares (the "Acquired Securities") of Rainmaker Entertainment Inc. (TSX VENTURE:RNK) (the "Corporation") that represent approximately 3.08% of the currently issued and outstanding common shares ("Shares") of the Corporation. The Acquired Securities were acquired pursuant to a private trade at a price per share of $0.25.

Immediately following the Acquisition, Oakwest owns (i) 2,417,114 Shares, representing approximately 12.4% of the currently issued and outstanding Shares (on a non-diluted basis), and (ii) $564,000 principal amount of Debentures. Such Debentures mature on March 31, 2016 (the "Maturity Date") and are convertible at any time prior to the Maturity Date into an aggregate 2,820,000 Shares at a price of $0.20 per Share. Assuming full conversion of the Debentures, Oakwest would directly or indirectly exercise direction and control over an aggregate of 5,237,114 Shares, representing approximately 23.48% of the then issued and outstanding Shares (on a partially diluted basis).

The Acquired Shares were acquired for investment purposes. Oakwest has a long-term view of the investment and does not intend at this time to acquire additional Shares, but may acquire additional Shares either on the open market or through private acquisitions or sell the Shares either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

For further details relating to the Acquisition, please see the Report, a copy of which is available on SEDAR. A copy of the Report may also be obtained by contacting Mr. Robert Beutel at 416.923.6300.

Contact Information

  • Mr. Robert Beutel