By Devika Patel
Knoxville, Tenn., May 8 - ROO Group, Inc. raised $15 million in a private placement of units, according to an 8-K filed with the Securities and Exchange Commission. The company said the deal priced on April 23.
The company sold 75 million units of one common share and one warrant at $0.20 apiece. The warrants are exercisable at $0.34.
Proceeds will be used to fund the acquisitions of Sputnik Agency and Kamera Content AB, pay off debt and for operational expenses.
Merriman Curhan Ford & Co. and Brimberg & Co. were placement agents.
New York-based ROO develops internet video content. It does business under the name KIT digital.
| Issuer: | ROO Group, Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $15 million
|
| Units: | 75 million
|
| Price: | $0.20
|
| Warrants: | One warrant per unit
|
| Warrant strike price: | $0.34
|
| Pricing date: | April 23
|
| Settlement date: | May 8
|
| Placement agents: | Merriman Curhan Ford & Co. and Brimberg & Co.
|
| Stock symbol: | OTCBB: RGRP
|
| Stock price: | $0.24 at close April 23
|
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