VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 18, 2011) - AlphaNorth Asset Management ("AlphaNorth") announces it has acquired 2,500,000 units (the "Units") of Intertainment Media Inc. (the "Issuer") at a price of $0.10 per Unit through a private placement. Each Unit consists of one common share (a "Share") and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to acquire one common share for a period of 24 months from the Closing Date at an exercise price of $0.13 per warrant share. Immediately after the acquisition, AlphaNorth beneficially owns or controls 10,952,000 common shares and 6,812,500 warrants of Intertainment Media, collectively representing 14.9% of the issued and outstanding shares of Intertainment Media, assuming the exercise of all warrants held by AlphaNorth. AlphaNorth relied on the "accredited investor" exemption from the prospectus requirement in connection with the acquisition, contained in section 2.3 of National Instrument 45-106 – Prospectus and Registration Exemptions.
The common shares of Intertainment Media Inc. are listed on the TSX Venture Exchange and trades under the trading symbol "INT". AlphaNorth acquired the securities for investment purposes. Depending on market conditions, AlphaNorth may in the future increase or decrease its investment in Athabasca Uranium.
An Early Warning Report respecting this acquisition has been filed on the System for Electronic Document Analysis and Review ("SEDAR") under Intertainment Media's profile and can be viewed at www.sedar.com.
ALPHANORTH ASSET MANAGEMENT
Steven Palmer, CEO
Contact Information: AlphaNorth Asset Management
Steven Palmer
CEO
(416) 483-4448