Vancouver-based Rainmaker Entertainment wants to raise more than $6 million dollars in a rights offering that's part of a new partnership it has signed with a Chinese media company to co-invest in and co-produce feature length animated films.
"Rainmaker is thrilled to be partnering with CNHK, who has positioned itself to become a leading producer and distributor in China, as our co-producer on this upcoming film," said Michael Hefferon, Rainmaker's President and Executive Producer. "The film reconfirms Rainmaker's commitment to investing in and producing audience-driven content for the international market." Films are planned for a third quarter 2014 release.
Rainmaker says it intends to raise up to $6.2 million in a proposed rights offering of unsecured convertible debentures, subject to receipt of all regulatory approvals.
Rainmaker and CNHK Media Corp. have agreed to enter into negotiations in respect of collaborating on a slate of five animated feature films, the companies announced, pursuant to the letter of intent among Rainmaker, CNHK and Entertainment Financial Consultants, LLC dba Film Financial Services ("FFS"). Preproduction of the first film is expected to commence immediately with financial closing expected to occur on or before January 31, 2013. The proposed title and details regarding the film's content will be disclosed at a later date upon receipt of the consent of the third party rights holder. The film is preliminarily scheduled for release in North America during the third quarter 2014.
Rainmaker says proceeds of the Proposed Offering will be to fund its commitments to the feature film production, as well as to strengthen the company balance sheet, provide funds for corporate operations, and to allow Rainmaker to explore potential acquisitions, co-investments on other film properties and to develop in-house programming.
Rainmaker has also updated a previous executive hiring announcement say that Delna Bhesania has advised the board that she has decided not to accept her appointment to Rainmaker's board of directors.
Rainmaker Entertainment is one of Canada's largest producers of CG animation. Its first feature film Escape from Planet Earth will be distributed by The Weinstein Company in February 2013.