Financial Backing Looms for Nona Morelli
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IRVINE — Nona Morelli’s II Inc. said Thursday that it has reached a tentative agreement with a Los Angeles-based investment bank to raise as much as $100 million in private placement financing in three phases.
The Irvine entertainment and leisure company said it hopes to raise about $25 million in the first phase to finance a recent $21-million investment in a residential and commercial property in Beijing. The funds will also be used to pay off Nona Morelli’s debts from two Tunisian casinos.
Final terms of the agreement are expected to be worked out in 60 to 90 days with the investment banking firm, Arthur M. Gelber & Co., officials said.
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