Intelimax raising cash for new social gambling platform

Vancouver-based Intelimax, an Internet media services company focusing on online games, social networking and web content, has been raising cash of over $750 000 through loan conversions to shares and taking out new loans at high interest rates this week.
The capital is necessary for the further development and marketing of the firm’s new gaming platform, according to a company statement.
$300 638 in current debt is to be converted into common shares for the debt holders, and the company is taking out a new loan of $450 000 at an interest rate of 15 percent with an investor. More stock worth $450 000 will be sold to two investors in a 24 month subscription agreement.
“We are very excited about the continued development and anticipated launch of our brand new subscription based gaming platform. Our flagship website gamboozle.com will offer members a variety of social gaming features to complement our new poker, casino and casual games and tournaments. The closing of this recent financing allows the company to remain on schedule to launch and market our new gaming platform to current and new members,” said Glenn Little, President and CEO.
Using its proprietary InteliGaming multi player network, Intelimax offers subscription based gaming on its Gamboozle website.