Vancouver animation studio Rainmaker Entertainment Inc. (TSX-V:RNK) announced losses $1.2 million for the first half of 2013, but says it is on track to produce its latest feature film Ratchet and Clank.
In May, the company announced it would delist from the Toronto Stock Exchange after failing to meet listing requirements.
Rainmaker started trading today (August 19) on the TSX Venture Exchange under the trading symbol RNK.
The $1.2 million loss compares with a $1.9 million loss in the same period in 2012. The company has secured financing to be able to continue working on Ratchet and Clank.
“During the quarter we completed two tranches of financing through a rights offering and private placement of 8% unsecured convertible debentures raising gross proceeds of approximately $6 million,” said CEO Craig Graham.
“The completion of these financings provides the company with the necessary capital to invest in our latest feature film … and additional working capital.”
In addition to working on the feature film, the company says it continues to produce two Barbie films per year, in partnership with toymaker Mattel.
