Vancouver-based home entertainment company Digital Shelf Space Corp. (CVE:DSS)(OTCQX:DTSRF) says it has closed the first tranche of its non-brokered private placement financing announced last month.
The company, which is behind the GSP RUSHFIT home workout DVD series featuring mixed martial arts champ Georges St-Pierre, issued 10.0 million units at a price of 5 cents each, for total proceeds of around $500,500.
Every unit is made up of one common share and one share purchase warrant, with each warrant good for one additional share at a price of 10 cents each, within a year and a half after closing.
The new funds raised will be used toward marketing and advertising expenses, as well as working capital, general corporate purposes and transaction-related expenses, Digital Shelf Space said.
The company paid finder's fees in cash and through share purchase warrants, with the payment of fees and the offering still subject to final regulatory approval.
Digital Shelf Space is a creator, producer and distributor of home entertainment content targeted at the fitness and sports instruction market.
Aside from GSP RUSHFIT, the company also owns the DVD golf instructional series that will be marketed under the TOURAcademy brand name.
"Not only are we excited about our hard launch of the TOURAcademy Home Edition in October, but also the return of Georges St-Pierre to the cage and the spotlight, after an 18 month lay off due to injury, as we head into the peak season for the sales of GSP RUSHFIT," Digital Shelf's CEO, Jeffrey Sharpe, said in September.
The company anticipates his return to the mixed martial arts work to have a positive impact on its overall sell through this year.
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