|
News 
IGN Offers New Stock
- Posted By Michael
Loewer, 06.21.2002
IGN Entertainment (Nasdaq:IGNX) -- home to IGN.com, the web's largest information and entertainment destination for gamers -- today announced that it has completed a $2.0 million private placement of common stock, issuing 285,715 shares of common stock at a purchase price of $7.00 per share. The transaction included both new and existing institutional investors and was led by MicroCapital LLC.
In connection with the private placement, IGN also issued warrants to purchase up to a total of 85,715 shares of common stock to the investors. These warrants have an exercise price of $9.00 per share and a five-year term. IGN expects to use the net proceeds from the offering for working capital and general corporate purposes.
IGN has agreed to file a registration statement covering the resale of the shares issued and the shares issuable under the warrants.
---------------
As someone who's entire knowledge of investment revolves around long-term mutual funds, I'm not sure how many of you this is going to apply to. The Snowball network has been struggling for awhile, closing down sites such as IGNForMen and consolidating other subsites. Coincidentally, we have someone on staff here who lost something on the order of $1500 over the last two years after investing heavily in Snowball. Even so, it seems as if they're beginning to recover and stabilize again, and we at NGenres support IGN and IGNCube, and are always impressed at the work done by Fran and Matt.
Speaking of which, I met Fran, Matt, and Jeremy Dunham at E3. They're exceptionally cool, even Jeremy, who's really a Nintendo freak at heart.
Editor-in-Chief Michael Loewer, out.
Source: Press Release
|
 |
|
2.gif)
