re: Ann: $5 Million Placement Facility Announ... Movement at the...

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