By Sheri Kasprzak
Atlanta, Feb. 11 - Tiger Telematics Inc. said it completed a private placement of stock for $19.5 million.
The company sold 1,116,133 shares at prices ranging from $15 each to $25 each to sophisticated, accredited foreign investors and foreign corporations. The higher sums were received as its price per share increased.
The company sold 100,000 shares at $25 each as part of a stock swap with a shareholder, who sold shares that were over one year old to an investment fund for $25 each. The shares sold by the shareholder were then remitted for newly issued shares at a discounted price.
Tiger Telematics, based in Jacksonville, Fla., designs, develops and markets mobile telematic systems. The company plans to use the majority of the proceeds to buy game content for its Gizmondo multi-entertainment device and for future marketing expenses.
| Issuer: | Tiger Telematics Inc.
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| Issue: | Stock
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| Amount: | $19.5 million
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| Shares: | 1,116,133
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| Price: | $15 to $25
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| Warrants: | No
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| Settlement date: | Feb. 9
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| Stock price: | $26.55 at close Feb. 9
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