ROO Group closes $5.75 million private placement

By Sheri Kasprzak

New York, Aug. 23 - ROO Group Inc. said it has completed a private placement for $5.75 million.

The full details of the private equity financing could not be determined by press time Tuesday.

Burnham Hill Partners was the placement agent.

Of the proceeds, $3.4 million were used to pay off convertible debt obligations.

In other news, ROO said it is preparing for a 1-for-50 reverse stock split.

Based in New York, ROO creates streaming video and other content for the internet.

On Tuesday, the company's stock closed up $0.01, or 37.04%, to end at $0.037.

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