Mark Androvich
17:40 (BST)
02/11/2007
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Playlogic closes $12.3 million funding
Positions the company to further accelerate its growth
Playlogic announced that it has successfully closed USD 12.3 million in equity through a private placement, concluding the successful completion of the USD 10 million private placement previously announced.
As a result of the equity raised, Playlogic has achieved a positive equity position as of September 30.
The proceeds of the private placement were used to reduce the company's debt position, finance new games, and enhance its working capital position.
"This capital raise has resulted in a strong improvement of our balance sheet ratios," said Playlogic CEO and president Willem M. Smit.
"These newly attracted funds will allow Playlogic to continue to execute on its business plans and to meet its release schedule. The successful completion of this transaction positions the company to further accelerate its growth."
The total amount of USD 12.3 million was placed with both existing and new shareholders, all of whom are accredited investors. After the private placement, the company has 38.5 million common shares outstanding at the end of the third quarter.
Playlogic recently announced that it is working on an undisclosed first-party title with Sony Computer Entertainment Europe.
The company expects to file and disclose its Q3 figures on November 5.
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