Rainmaker Entertainment, a Vancouver, Canada-based CGI animation and production studio, has entered into a letter of intent that could lead to Rainmaker co-investing in and co-producing a slate of up to five feature length animated films with a Hong Kong-based partner.
The proposed pact is with CNHK Media Corp., Rainmaker said in a statement released Monday.
Work on the first project that would be spawned from the deal was expected to begin “immediately” with a release date by the third quarter of 2014. The films title and other details would be released later.
As part of the proposal, Rainmaker would raise up to $6.2 million through a debt issuance, specifically unsecured convertible debentures. The debt offer was subject to regulatory and Toronto Stock Exchange approval.
Meanwhile, Rainmaker also disclosed that Bardel Entertainment CEO Delna Bhesania has declined an offer to join its board of directors.
Rainmaker Entertainment’s recent project is Escape From Planet Earth, in partnership with the Weinstein Company, slated for a February 2013 release.