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Playlogic raises $3 million in equity financing

Ruud Spoor joins company as a non-executive director as funds are raised to improve working capital

Playlogic Entertainment has announced the successfully closure of a USD 3.0 million equity deal at a value of USD 1.15 per share.

The company said that it will use the funds to improve the working capital and equity position of the company and allow it to execute its business plan and release schedules for 2008.

Playlogic recently reported Q1 net revenues of USD 4 million.

The company has also announced that Ruud Spoor has joined Playlogic as non-executive director - the fourth non-executive director on the Board - effective June 23.

Spoor has been the director of BL Capital BV, an investment firm located in the Netherlands, since 2007 and was previously the commercial director corporate clients of ABN-AMRO, also in the Netherlands. He currently serves as a director or as a member of the supervisory board of several Dutch companies.

"I am excited to join the Board of Playlogic and help the company to manage its growth and visibility in a very dynamic market," Spoor said.

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