viewMedia Central Corporation

Media Central raises $1.6M to fund takeover of Vancouver weekly The Georgia Straight

The financing consists of 10% senior secured convertible debt units at an issue price of $1,000 per unit

Media Central Corporation -
The debt units can be converted into 14,285 shares and 7,142 warrants

Media Central Corporation Inc. (CSE:FLYY) has raised gross proceeds of $1.626 million to complete its acquisition of the Vancouver alternative weekly The Georgia Straight via a private placement offering, which is still subject to regulatory approval. 

The financing consists of 10% senior secured convertible debt units at an issue price of $1,000 per unit. The debt will mature 24 months from the financing’s closing date and will bear interest at a rate of 10% per year, which will be paid every quarter.

READ: Media Central subsidiary Canncentral.com sees triple-digit monthly growth in organic traffic

The debt units can be converted into 14,285 shares and 7,142 warrants. Each warrant allows for the acquiring of one share at an exercise price of $0.20 at any time up to 24 months from the offering’s closing date. The conversion price for the shares is equal to $0.07 per share and the debt is subject to prepayment and forced conversion terms under select circumstances.

The debt is subject to a four-month hold period according to Canadian law.

Quick facts: Media Central Corporation

Price: 0.005 CAD

Market: CSE
Market Cap: $1.64 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Media Central Corporation named herein, including the promotion by the Company of Media Central Corporation in any Content on the Site, the...


Full interview: Media Central moves to provide coverage on emerging...

Media Central Corp (CSE: FLYY) CEO Brian Kalish joined Steve Darling from Proactive Vancouver to discuss the company making a major move to cover two very big sectors, eGames and Psychedelics. Kalish discusses just how big these two topics are and how they plan on providing coverage for them....

on 24/4/20

2 min read