Two weeks ago, we scooped the news that Wizard World had filed with the SEC the information that, without investment, they wouldn't have the capital to fund long-term operations after the end of 2016.
On Friday we were told that news of new funding would be announced on Monday.
Ahead of that announcement, we have discovered that Wizard World has received additional funding of $2,500,000 from Bristol Investment Ltd, a debenture investment, a long-term security yielding a fixed rate of interest, in this case 12% a year, and secured against assets of the company. And netting them an instant $25,000 and 500,000 shares, with over thirty million share options.
Paul Kessler is chairman of board of Wizard World. He is also the founder of Bristol Capital Advisors, a Los Angeles-based hedge fund advisor that serves the Bristol Investment Fund. The company invests in publicly traded companies in financial difficulties at very favourable terms to the investor.
As of July this year, Bristol Investment fund owned around 15% of Wizard World. Well, it now looks like they are about to own a considerable amount more.
It's also notable that in July, Wizard moved its offices into a building owned by another company controlled by Kessler, prepaying almost $200,000 in rent.
Let's all meet Kessler… it looks like he will have a lot more of Wizard World at his fingertips.