By Sheri Kasprzak
New York, Aug. 24 - ROO Group, Inc. revealed the details of its previously announced private placement.
The company is conducting a stock offering for up to $8 million by selling up to 266,666,667 shares at $0.03 each in one or more closings.
On Tuesday, the company completed a $5.75 million tranche of the deal, selling 191,666,667 shares.
The company will use $3.4 million from the offering to prepay its existing callable secured convertible notes. The investors of the existing note will receive warrants for 3 million shares, exercisable at $0.03 each for five years.
In exchange for the private placement, the prepayment and the warrants, the note holders waived certain notice requirements to facilitate prepayment of the notes.
Burnham Hill Partners was the placement agent.
In other news, ROO is preparing for a 1-for-50 reverse stock split.
Based in New York, ROO creates streaming video and other content for the internet.
| Issuer: | ROO Group, Inc.
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| Issue: | Stock
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| Amount: | $8 million (maximum)
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| Shares: | 266,666,667 (maximum)
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| Price: | $0.03
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| Warrants: | No
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| Placement agent: | Burnham Hill Partners
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| Pricing date: | Aug. 18
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| Stock price: | $0.03 at close Aug. 18
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