No Masterfile / Arius deal?

[SoylentGreen]

No Masterfile / Arius deal?

It looks as if no rubes were willing to cough up 21M so that failing Arius3d could buy MF.
In fact, Arius was to notify MF three days ago if no money could be raised.

"if Arius3D chooses not to complete the transaction if TSX Venture Exchange (the "TSXV") approval is not obtained or if prior to November 4, 2011 Arius3D is not satisfied with the results of its due diligence investigation or (ii) if Masterfile chooses not to complete the transaction if TSXV approval is not obtained, or if on or prior to the day which is 3 business days prior to the closing date written evidence is not provided to Masterfile that Arius3D has secured financing to enable it to pay the maximum amount of the cash portion of the purchase price, or if Arius3D does not provide funds to enable Masterfile to repay approximately $3 million of debt held by two lenders of Masterfile."

http://www.marketwatch.com/story/update-on-arius3ds-agreement-to-acquire-masterfile-2011-10-31

Unless this was just a money-laundering scheme for Arius3d's potential bankruptcy, as McFilms stated previously.

So, I guess we'll get an official announcement tomorrow...

S.G.

[Robert Krausankas (BuddhaPi)]

too bad MF will come out with an extra 750k in thier pockets, hopefully debt collectors will quickly grab this up..

[SoylentGreen]

Yes, they did indeed get the 750k.
But, they're also going to extend the deadline to Jan 31.

A press release was just issued, in part:

"The closing of the transaction has been extended to January 31, 2012 in order to facilitate the financing efforts of Arius3D. In addition, the Company has agreed to release to Masterfile, on December 1, 2011, $300,000 that had been put in escrow in order to secure the payment of a termination fee. Arius3D has completed its due diligence investigation of Masterfile and is fully satisfied with the results thereof."

http://digitaljournal.com/pr/507759

Is anyone really interested in using their money to create "Righthaven North"? lol.

S.G.