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Friday, 26 April 2013
Gener8 debuts on CNSX, raises growth capital
Gener8 Media Corp. (CNSX:GNR), formerly Delon Resources Corp, has completed a reverse takeover transaction that saw a consolidation of its common shares and a name change, as well as a total fundraising of $3.8 million, with its shares set to resume trading shortly on the Canadian National Stock Exchange.
The transaction included Delon's acquisition of all of the outstanding securities of Gener8 Digital Media, with Gener8Digital Media merging with a subsidiary of Delon. As a result of the deal, the amalgamated company changed its name to Genera8 Media Corp, and completed a consolidation of its common shares on the basis of one-post consolidation share for two pre-consolidation shares.
In connection with the deal, Gener8 Media said in a statement Wednesday it has raised a total of $3.85 million, consisting of subscription receipts at a price of 60 cents each. The new funds will be used to develop and commercialize Gener8's 3D conversion and asset management technologies.
In preparation for a busy year in 2013, Vancouver-based Gener8 recently wrapped up a hiring spree that saw it bring more than 40 new employees while also moving to a new facility to accommodate the fast growing stereoscopic 3D conversion company.
“This is an exciting day for us,” said the company in its release, citing CEO Rory Armes. “We are overjoyed to complete the raise and the transaction, and can now focus all of our resources on growing the company, expanding our market reach and launching new technology.
"The fact that we were able to do all of this in the current economy is a testament to our company, our people, and our future plans.”
In its new facility, with its new team, the company is now set to work on a variety of 3D conversion projects for major films being released in 2013 and 2014. Gener8’s client base includes Sony Pictures, Warner Bros, Twentieth Century Fox and Columbia Pictures. As a result, the company has worked on a number of major films, including the last Harry Potter movie, Ghost Rider: Spirit of Vengeance and The Amazing Spider-Man.
Incorporated in February 2011, the company describes itself as one of the top 3D conversion studios in the world. It uses G83D, a proprietary stereoscopic 3D conversion system, which it says can meet or beat natively-shot 3D.
G83D renders this virtual set in stereoscopic 3D for every frame of every shot, resulting in what it calls the “highest quality 3D conversion available”.
After establishing itself in the 3D tech market, Gener8 broadened its offering to include data flow management. The company last year launched Cumul8, a cloud-based data management and analytics system that provides filmmakers with real-time insights and control of their productions. Cumul8 uses technology to manage the distribution of digital data, giving Hollywood studios the business intelligence to drive down costs throughout production.
Following the share consolidation, Gener8 Media has around 41.94 million shares issued and outstanding. It expects that its shares will resume trading on the Canadian National Stock Exchange on April 30 under the symbol “GNR”.