By Sheri Kasprzak
Atlanta, Dec. 13 - National Lampoon Inc. said Monday it has raised $8.2 million in a private placement.
On Dec. 9, the company sold 229,761 units at $35.50 each. The units are comprised of one series C preferred share and one warrant to buy 10 post-split shares at $1.77 each for four years.
The company received $3 million in cash and $5.2 million from the conversion of debt, salary and accrued expenses in the deal.
Based in Los Angeles, National Lampoon is an entertainment company focused on feature films, television programming, home video, audio CDs and book publishing. The company plans to use the cash proceeds from the offering for working capital and general corporate purposes.
| Issuer: | National Lampoon Inc.
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| Issue: | Units of one series C preferred share and one warrant
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| Amount: | $8.2 million
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| Shares: | 229,761
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| Price: | $35.50
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| Warrants: | One warrant per unit to buy 10 post-split shares
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| Warrant expiration: | Four years
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| Warrant strike price: | $1.77
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| Settlement date: | Dec. 9
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| Stock price: | $3 at close Dec. 9
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