ONL one north entertainment limited

Ann: $5 Million Placement Facility Announcement , page-2

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    re: Ann: $5 Million Placement Facility Announ... Movement at the station...the only way is up. Hey Tim, can you let us know what "entertainment" projects you have coming up on the slate??? ..and some strategy perhaps?




    The directors of One North Limited (Company) are pleased to advise that the
    Company has entered into a $5 million equity funding facility (Facility) with
    the Chimaera Equity Market Neutral Fund (the EMN Fund). The funding
    obligations of Chimaera under the facility are subject to:
    1. Shareholder approval for the facility
    2. Issue of Fee Shares, the issue of Options and the issue of Collateral
    shares
    3. Regulatory approvals
    Under the terms of the Facility, the EMN Fund or its nominee will subscribe
    for 7,871,254 shares at $0.006 per share to raise $50,000. A further,
    17,006,684 shares will be issued to the EMN Fund or its nominee in partial
    satisfaction of the fees due to it under the terms of the Facility. The balance
    of the fees shall be subject to shareholder approval.
    On shareholder approval Chimaera or its nominee will subscribe for
    additional shares with a value of not less than $50,000, with the Facility
    operating according to its terms from that point forward.
    The company continues to work through the legal processes associated with
    the Injunction served against a Singapore subsidiary of ONL. The company’s
    subsidiary has filed an application with the Singapore High Court to set-aside
    the Injunction. The hearing of this application is scheduled to take place in
    February 2012. The company will update shareholders on any material
    developments in this matter in due course.
    I would like to thank shareholders for their support during a difficult period
    and look forward to an improved operating performance in 2012
 
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