Funcom proposes private placement of stock

By Sheri Kasprzak

New York, Feb. 28 - Funcom NV said it plans to settle a private placement of stock.

The offering includes up to 4.3 million shares, or 10% of the company's outstanding shares.

The pricing terms of the deal could not be determined by press time Tuesday.

The shares are being offered to professional investors in Norway and internationally.

ABG Sundal Collier Norge ASA and Carnegie ASA are the placement agents.

The placement was expected to wrap after close of market Tuesday.

Proceeds will be used for merger and acquisition opportunities and the strengthening of its product portfolio.

Funcom, which is based in Oslo, develops computer and console video games.

The company's stock remained unchanged at NOK 33.80 on Tuesday (Oslo: FUNCOM).

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