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Shareholders OK Rainmaker sale to Xing Xing Digital

The deal, unveiled in June, includes possible revenue from Escape from Planet Earth (pictured), Rainmaker's current big budget project.
August 2, 2012

Vancouver-based Rainmaker Entertainment has received shareholder approval for the sale of its animation studio to Beijing ani company Xing Xing Digital Corporation.

The transaction was approved by 99.91% of votes cast in person or by proxy at a meeting of Rainmaker shareholders held Tuesday afternoon, according to a company release.

Rainmaker Entertainment announced the proposed deal, which would see a wholly-owned Xing Xing subsidiary called Rainmaker Studios Inc. (RSI) purchase the Vancouver studio, in late June.

As part of the deal, Xing Xing will assume $7 million in Rainmaker debt and all real estate property leases.

Another component of the deal sees Rainmaker provide a four-year, $5 million loan to RSI, carrying interest of 2% above prime rate and to be pre-paid at any time penalty free. It also includes a possible cut of the gross revenues from Escape from Planet Earth (pictured), Rainmakers’ current big budget animated sci-fi film whose cast includes Jessica Alba, Brendan Fraser and James Gandolfini, according to IMDB.

From Playback online.

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