By Sheri Kasprzak
New York, Aug. 1 - Local.com Corp. completed a private placement for $12,962,950.
The company issued 2,356,900 shares at $5.50 each to two institutional investors.
The investors also received warrants for 471,386 shares, exercisable at $7.89 each for five years. The warrants become exercisable Feb. 1, 2008. The investors also will receive warrants for 471,386 shares, exercisable at $9.26 each for six years after becoming exercisable Feb. 1, 2008.
Proceeds will be used for acquisitions, the expansion of direct sales channel development, the protection of the company's intellectual property portfolio and for working capital.
Based in Irvine, Calif., Local.com is a local search engine.
| Issuer: | Local.com Corp.
|
| Issue: | Stock
|
| Amount: | $12,962,950
|
| Shares: | 2,356,900
|
| Price: | $5.50
|
| Warrants: | For 942,772 shares
|
| Warrant expiration: | Five years for half; six years for half
|
| Warrant strike price: | $7.89 for half; $9.26 for half
|
| Settlement date: | Aug. 1
|
| Stock symbol: | Nasdaq: LOCM
|
| Stock price: | $6.86 at close July 31
|
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