Hannover House Finalizes Funding Commitments for 1
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Posted On: 09/07/2021 2:13:11 PM
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Hannover House Finalizes Funding Commitments for 1st Round of Corporate S1 Raising
Press Release | 09/06/2021
https://www.otcmarkets.com/stock/HHSE/news/Ha...?id=319462
Hannover House, Inc. (OTC: HHSE) has finally secured all of the remaining investment commitments to fully subscribe the first tranche of the company's S-1 raising, the company announced today. The initial raising of $1.5-million dollars will provide approximately $1,150,000 in capital for the new MyFlix launch and an additional $300,000 for payables and debt management, with approximately $150,000 utilized for offering costs and placement fees. Investors will be compensated with a total of 30-million HHSE stock shares issued at $.05 per share each.
"We are excited to have secured these initial funding pledges," said Eric Parkinson, C.E.O. of Hannover House, Inc. "The completion of principal photography for the 'Wildfire' movie represented a milestone to trigger the final investors, and we are now looking forward to obtaining the funding commitments for the 2nd S-1 tranche," he continued.
Hannover House hopes to raise up to $8-million in total, of which 70% is earmarked for the new MyFlix multi-studio streaming service. The 2nd tranche under the S-1 will offer shares at $.08 / each and the final tranche will offer shares at $.10 / each. Some large shareholders feel that the launch of MyFlix will help support a share price higher than the $.10 / share level for the issuance of the 3rd S-1 tranche. For all raisings, and in compliance with use-of-proceeds guidelines, approximately thirty percent of capital may be utilized for payables and debt management related to the company's prior activities unrelated to the MyFlix venture.
Press Release | 09/06/2021
https://www.otcmarkets.com/stock/HHSE/news/Ha...?id=319462
Hannover House, Inc. (OTC: HHSE) has finally secured all of the remaining investment commitments to fully subscribe the first tranche of the company's S-1 raising, the company announced today. The initial raising of $1.5-million dollars will provide approximately $1,150,000 in capital for the new MyFlix launch and an additional $300,000 for payables and debt management, with approximately $150,000 utilized for offering costs and placement fees. Investors will be compensated with a total of 30-million HHSE stock shares issued at $.05 per share each.
"We are excited to have secured these initial funding pledges," said Eric Parkinson, C.E.O. of Hannover House, Inc. "The completion of principal photography for the 'Wildfire' movie represented a milestone to trigger the final investors, and we are now looking forward to obtaining the funding commitments for the 2nd S-1 tranche," he continued.
Hannover House hopes to raise up to $8-million in total, of which 70% is earmarked for the new MyFlix multi-studio streaming service. The 2nd tranche under the S-1 will offer shares at $.08 / each and the final tranche will offer shares at $.10 / each. Some large shareholders feel that the launch of MyFlix will help support a share price higher than the $.10 / share level for the issuance of the 3rd S-1 tranche. For all raisings, and in compliance with use-of-proceeds guidelines, approximately thirty percent of capital may be utilized for payables and debt management related to the company's prior activities unrelated to the MyFlix venture.
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