TORONTO, ONTARIO--Communicorp Corporation (CUC:TSE), a leading integrator of multimedia communications services, today announced that it has completed a private placement for 1,000,000 common shares at a price of $CDN 0.50. As a result of the placement, in which arms-length investors subscribed for 30% of the shares, the total amount of common shares outstanding increased to 11,439,286.
Funds raised through this private placement will be used to supplement working capital and accommodates a condition of the Company's revised banking arrangements.
The Communicorp group of companies are in the graphic communications business and offer a wide array of services, including digital imaging, graphic pre-media facilities, new media capabilities including web design, marketing and promotional and printing capabilities. Technologically advanced, the group is strategically focused on Digital Asset Management to provide large and small corporate clients with one-stop shopping for all their communications needs.
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