ARHT Media Inc. (TSXV:ART) announced a non-brokered private placement of 13,333,333 common shares at a price of CAD 0.15 per share for gross proceeds CAD 2,000,000 on January 11, 2017. The transaction will involve participation from existing investor NetDragon Websoft Holdings Limited (SEHK:777) through its NetDragon Websoft Inc. for all shares to hold 29.72% stake after closing. The transaction is subject to receipt of applicable regulatory approvals including approval of the TSX Venture Exchange.

The securities issued under the transaction will be subject to a four month hold period from the date of issue. The transaction is expected to close after the special meeting of shareholders scheduled for February 23, 2017.