Poynt Corporation (TSXV:PYN) announced a private placement of secured debt funding facility for gross proceeds of CAD 1,500,000 on March 15, 2012. The facility will be secured by a first priority lien against the company's assets and will bear a pre-default annual interest rate of 8%, maturing on June 29, 2012. The funding will involve the participation of Intertainment Media Inc. The company will also issue 6,000,000 non-transferable share purchase warrants. Each warrant will entitle the holder to purchase one share at a price of CAD 0.115 per share. The warrants will expire on the earlier of the date the facility is repaid pursuant to its terms and five years from the date of issuance. The warrants and any common shares issued on exercise of the warrants will be subject to a four-month hold period on the date of issue of the warrants. On June 29, 2012, Poynt Corporation closed the transaction. The company announced that Intertainment Media Inc. has agreed to provide the company with an extension on repayment of the CAD 1,500,000 secured debt funding, originally due on June 29, 2012. The company and investor have agreed that the facility is now repayable on or before 3 p.m. Mountain time on July 5, 2012.