Gener8 Brokered Private Placement and FFD Update
Not for Distribution to US Newswire Services or for Dissemination in the United States
VANCOUVER, BC, November 10 2014 ? Gener8 Media Corp. (CSE: GNR) (?Gener8? or the ?Company?) is pleased to announce that it has closed the final round of its brokered private placement (the ?Financing?).
This round of the Financing, originally announced on September 16, 2014, consists of the issuance of 395,000 Units at a price of $0.75 per Unit for gross proceeds of $296,150. The total issuance to date from the Financing is 2,379,000 Units for gross proceeds of $1,784,250. Each Unit consists of one common share in the capital of the Company and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one common share at a price of $1.00 for a period of 18 months from the closing of the Offering.
For this final round of the Financing, the Company paid Canaccord Genuity Corp. aggregate cash commissions of approximately $20,738, issued an aggregate of 27,650 agent?s warrants, plus 6,584 common shares and 3,292 agent?s warrants representing the corporate finance fee. Each agent warrant is exercisable into one common share at a price of $1.00 per common share until April 6, 2016.
Proceeds from the Financing are intended to be used for general working capital expenditures across all business divisions of the Company. All securities issued in connection with this round of the Financing are subject to a resale restriction hold period of four-month plus one day from the date of issuance.
The Company is also pleased to announce that Tianjin Fu Feng Da Movie & Television Technology Investment and Development Co., Ltd. (?FFD?) has accepted Gener8?s offer (announced on October 29, 2014) to extend the closing for the proposed partnership to December 31, 2014 on a non-exclusive basis. If the transaction does not close, the Company intends to contest any claim by FFD for repayment of the $3 million advanced to Gener8 in the form of a loan. While both companies continue to work toward closing the transaction, FFD has agreed to postpone demand of the loan. The Company is also considering other options as an alternative to the FFD transaction.
About Gener8
Gener8 Media Corp. is a media technology company led by a team of gaming industry veterans. At the forefront of postproduction, the company earned its stripes by developing a proprietary 3D conversion technology, garnering high-profile credits including Godzilla, Maleficent and 300: Rise of an Empire. Gener8 has since expanded into offering visual effects services and a cloud-based data management and analytics solution called Cumul8. With its focus on developing disruptive solutions that combine design and technology, Gener8 funded and then acquired a majority interest in Reelhouse Media Ltd., an online entertainment distribution start-up. Gener8?s head office is located in Vancouver, British Columbia. Visit the company website at
www.gener8.com.On Behalf of the Board of Directors
?Rory Armes?
Rory Armes
Chief Executive Officer and Director