Deal funds expansion of Hispanic internet company's gaming platform
By Devika Patel
Knoxville, Tenn., Dec. 15 - Quepasa Corp. said it has arranged a private placement of stock. The deal will raise $12.87 million.
The company will sell 1,716,664 common shares at $7.50 per share. The price per share is a 17.13% discount to $9.05, the Dec. 14 closing share price.
Proceeds will be used to expand the company's gaming platform, including through acquisitions, as well as to develop Quepasa-owned gaming IP and other general corporate purposes.
"This funding allows us to accelerate investment and growth within social gaming," chief executive officer John C. Abbott said in a press release. "We look forward to launching and monetizing culturally relevant social games within a Quepasa premium gaming channel and publishing these games on alternative audience networks."
Based in Scottsdale, Ariz., Quepasa operates Quepasa.com, a bicultural Hispanic internet community.
| Issuer: | Quepasa Corp.
|
| Issue: | Common stock
|
| Amount: | $12,874,980
|
| Shares: | 1,716,664
|
| Price: | $7.50
|
| Warrants: | No
|
| Pricing date: | Dec. 15
|
| Stock symbol: | OTCBB: QPSA
|
| Stock price: | $9.05 at close Dec. 14
|
| Market capitalization: | $119.89 million
|
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