By Sheri Kasprzak
Atlanta, Jan. 21 - Napster Inc., the famed digital music download company, plans to raise $52,185,000 in the private placement market, said a market source who has seen the deal.
The deal breaks down to 7.1 million shares sold at $7.35 each.
The company has already received agreements with some accredited institutional investors for the offering, which is expected to close Jan. 24.
Napster, based in Los Angeles, provides music download services from the internet. The company plans to use the proceeds from the deal to launch its Napster To Go portable subscription product and to make potential acquisitions.
| Issuer: | Napster Inc.
|
| Issue: | Stock
|
| Amount: | $52,185,000
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| Shares: | 7.1 million
|
| Price: | $7.35
|
| Warrants: | No
|
| Announcement date: | Jan. 21
|
| Settlement date: | Jan. 24
|
| Stock price: | $8.36 at close Jan. 20
|
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