By Sheri Kasprzak
New York, May 10 - ROO Group Inc. concluded a $25 million private placement of stock.
The company sold 10 million shares in the deal to mostly existing institutional investors.
The investors received warrants for 3 million shares, exercisable at $4.00 each for five years. The warrants are callable at $6.00 each.
Proceeds will be used for ongoing operations, for acquisitions, for the development of the company's video platform and for the expansion of sales and marketing resources.
Merriman Curhan Ford & Co. was the placement agent.
New York-based ROO provides online video for content providers.
| Issuer: | ROO Group Inc.
|
| Issue: | Stock
|
| Amount: | $25 million
|
| Shares: | 10 million
|
| Price: | $2.50
|
| Warrants: | For 3 million shares
|
| Warrant strike price: | $4.00
|
| Warrant call feature: | Callable at $6.00 each
|
| Warrant expiration: | 5 years
|
| Agent: | Merriman Curhan Ford & Co.
|
| Pricing date: | May 4
|
| Settlement date: | May 10
|
| Stock symbol: | OTCBB: RGRP
|
| Stock price: | $2.70 at close May 4
|
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