VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 28, 2011) - Rainmaker Entertainment Inc. (TSX:RNK) is pleased to announce today that its board of directors has approved the sale of its remaining equity interest in Base 10 Group Inc.
The proposed transaction will provide Rainmaker with cash proceeds of $5.6 million in exchange for Rainmaker's outstanding equity interest and elimination of any future earn-out interests in the company. In addition, Rainmaker will also receive payment for its outstanding promissory note of $330,000 prior to closing. The transaction is subject to the execution of a definitive purchase sale agreement and is expected to close on or around December 15th, 2011.
Additional information and other publicly filed documents relating to Rainmaker, including the Annual Information Form, are available through the internet on the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval ("SEDAR"), which can be accessed at www.sedar.com.
This press release and any related attachments may contain forward-looking statements that involve a number of risks and uncertainty. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are market and general economic conditions and the risk factors detailed from time to time in the periodic reports and documents filed by the Company with The Toronto Stock Exchange and other regulatory authorities. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and the Company undertakes no obligation to update the forward-looking statements should there be a change in conditions, or in management's estimates or opinions.
The contents of this press release have neither been approved nor disapproved by any regulatory authority.