Imagi Entertainment announced that it has completed a financing of at least $25 million, which firms up its October 23rd release date for Astro Boy (see “Best in Shows 2009, Part 2”).  Imagi had stopped production on the film had stopped production, then started it up again with bridge financing (see “Astro Boy Back on Track”). 

Imagi told Variety that the funds meant that it would continue active development of Gatchaman and Tusker, which had been suspended when the cash crunch hit.

According to the announcement, the company will need to raise additional capital to fund production of future features.

The new funds will come from both existing and new investors.  The new financing plan also puts four new members on the board, moves founder and CEO Francis Kao out as Chairman (he remains as Chief Creative Officer), and converts some debt to equity, according to the announcement.