<article>Catalist-listed <a style="color: #000080;" href="http://www.spackmanentertainmentgroup.com/">Spackman Entertainment Group</a> Tuesday <a style="color: #000080;" href="http://infopub.sgx.com/FileOpen/NEWSRELEASE_SEGL_ASSOCIATEDCOMPANYRAISESUSD7MIL.ashx?App=Announcement&amp;FileID=354238" target="_blank">said</a> that it raised $7 million through a share subscription agreement.</article>

Catalist-listed <a style="color: #000080;" href="http://www.spackmanentertainmentgroup.com/">Spackman Entertainment Group</a> Tuesday <a style="color: #000080;" href="http://infopub.sgx.com/FileOpen/NEWSRELEASE_SEGL_ASSOCIATEDCOMPANYRAISESUSD7MIL.ashx?App=Announcement&amp;FileID=354238" target="_blank">said</a> that it raised $7 million through a share subscription agreement.
The company’s subsidiary Spackman Media Group has sold six million shares to investors for a cash consideration of $6 million. It also sold 999,999 shares to Spackman Entertainment Group for $999,999.
The funds will be used for investments into entertainment related businesses,.
Charles Spackman, executive chairman of Spackman Entertainment Group said, “With the funds raised, the Group, through Spackman Media Group, is in a stronger position to continue its acquisitive growth strategy and make investments into entertainment related businesses that can diversify our exposure in the Korean entertainment sector.”
The company has undertaken a handful of acquisitions in Korea last year, including a 51 per cent stake each in <a style="color: #000080;" href="http://www.novusmediacorp.com/" target="_blank">Novus Media Corp</a>, a film investor and ancillary distributor; and Fireworks, a post-production house that creates high-end visual effects for TV commercials, music videos, films and digital media.
Post the deal, Spackman Entertainment Group holds an interest of approximately 50 per cent in the Spackman Media Group, and therefore the latter is no longer a subsidiary, but an associate.
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Catalist-listed Spackman Entertainment Group Tuesday said that it raised $7 million through a share subscription agreement.

Spackman Media Group raises $7m in capital

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Spackman Media Group raises $7m in capital

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