New Issue: Hong Kong's Artificial Life sells $4.75 million placement of shares

By Devika Patel

Knoxville, Tenn., May 23 - Artificial Life Inc. said it has completed a $4.75 million private placement of stock.

The company sold 2,022,734 shares at $2.35 apiece.

The investors also received warrants for 1,011,366 common shares, exercisable at $3.00 for three years.

Hong Kong-based Artificial Life develops applications such as games for mobile phones.

Issuer:	Artificial Life Inc.
Issue:	Stock
Amount:	$4,753,424.90
Shares:	2,022,734
Price:	$2.35
Warrants:	For 1,011,366 common shares
Warrant expiration:	Three years
Warrant strike price:	$3.00
Settlement date:	May 23
Stock symbol:	OTCBB: ALIF
Stock price:	$2.60 at close May 23

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