By Sheri Kasprzak
New York, Aug. 24 - ROO Group, Inc. wrapped a private placement for $5,506,250.
The company sold 4,405,000 shares at $1.25 each.
The investors received warrants for 2,202,500 shares, exercisable at $2.00 each for five years. The warrants become callable any time the company's stock price exceeds $5.00.
Savvian LLC, Burnham Hill Partners and Brimberg & Co. were the placement agents.
Proceeds will be used to develop the company's online video, advertising and technology solutions.
New York-based ROO provides online video content over the internet.
| Issuer: | ROO Group, Inc.
|
| Issue: | Stock
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| Amount: | $5,506,250
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| Shares: | 4,405,000
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| Price: | $1.25
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| Warrants: | For 2,202,500 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $2.00
|
| Placement agents: | Savvian LLC, Burnham Hill Partners and Brimberg & Co.
|
| Settlement date: | Aug. 23
|
| Stock symbol: | OTCBB: RGRP
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| Stock price: | $1.75 at close Aug. 23
|
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