announce the execution of the definitive agreement in respect of their previously announced merger. The terms of the definitive agreement are outlined in detail in the June 9, 2008 announcement. Closing of the proposed merger is scheduled to occur on or about October 1, 2008 and is subject to regulatory approvals (including approval of the Toronto Stock Exchange), JumpTV shareholder approval and NeuLion shareholder approval.
JumpTV and NeuLion have agreed that the proposed private placement of units, previously disclosed on June 9th, 2008, will be put to a shareholder vote in conjunction with shareholder approval of the definitive agreement. Pursuant to the private placement, AvantaLion LLC, an entity controlled by Mr. Wang, has irrevocably committed to subscribe for 10 million units from JumpTV's treasury at a price of $1.00 per unit, and G. Scott Paterson has also committed to buy 1 million units on the same terms. The aggregate gross proceeds from the units will be CDN$11 million. Closing of the private placement is subject to regulatory approvals, including approval of the Toronto Stock Exchange. Completion of the merger is additionally conditional on shareholder approval of the unit subscription. The companies continue to anticipate the shareholder meeting will be held on or about October 1, 2008.
Additionally, the Company announced Jordan Banks will cease acting as CEO effective June 27, 2008. In conjunction with this news, Mr. Banks did not stand for re-election as a director of the Company at today's Annual and Special General Meeting.
On June 25, 2008, Brad Greenspan, on behalf of an entity which he controls, delivered an unsolicited offer to combine JumpTV and LiveTime Group. The Board of Directors of JumpTV convened a special meeting to review and consider Mr. Greenspan's proposal. After due consideration, deliberation and discussion, and following receipt of legal and financial advice, the Board determined that Mr. Greenspan's proposal was not in the best interests of the Company, and that the Company's interests and its shareholders' interests were best served by continuing its negotiations with NeuLion, ultimately completing the definitive agreement as described above.