ILUS International (OTCMKTS:ILUS) Stock Bounces Back Sharply After Funding News
Shares of ILUS International (OTCMKTS:ILUS) closed higher in the previous session, recovering from the recent fall.
OTC: ILUS, ILUS International (Ilustrato Pictures International Inc), Secures$15 Million in Funding From Three Funders
Mergers and Acquisition company focusing on acquiring and developing public safety technology-based companies globally, ILUS International (OTCMKTS:ILUS) completed a number of acquisitions and is looking at reaching agreements on some more. The firm confirmed on signing three funding deals totaling $15 million ensuring robust cash position of the firm for executing current plans as well as the next phase of opportunities
Post the extensive time of due diligence done by the financing institutions, the company received $15 million from a syndicate of three funds, focusing on funding of high-growth technology companies. The three companies include Discover Fund, RB Capital, and Luki Ventures. No dilution is expected for the financing, secured through completely repayable, 1-year term, non-toxic promissory notes. The funding also has a cash warrant option for another $6 million, in case a need arises.
The firm confirmed that the two draw-down tranches of financing have been received while the third is lined up for the coming week. Financing would be harnessed for expanding operations, streamlining production as well as ramping up marketing.
Managing Partner of RB Capital, Brett Rosen said that post-meeting with leadership and conducting due diligence, it was clear that the firm was best suited for investment. Rose added that the fund invested in people and teams and Nick is a leader who can move the company ahead with the right capital backing it.
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Brett Rosen, Managing Partner of RB Capital added, “After meeting with the leadership of ILUS and conducting our due diligence, it became clear that this was a company we wanted to invest in. We invest in people and their teams, and Nick is the type of leader we believe can move the company forward with the right capital behind him.”
