Digital Domain Media Group Announces $10.5 Million Private Placement of Common Stock and Warrants
Digital Domain Media Group (NYSE: DDMG) entered into a purchase agreement, as of June 7, 2012, to sell 1.5 million shares of the company's common stock at $7.00 per share and warrants to purchase an additional 600,000 shares of common stock at an exercise price of $8.05 per share in a private placement to a select group of institutional investors. The transaction was consummated on June 8, 2012, and gross proceeds from the offering totaled $10.5 million. The company will use the proceeds primarily for general corporate purposes.
“We are pleased to have secured additional equity funding from substantially the same group of investors that recently enabled the company to refinance its senior debt. We believe this current common stock financing provides an even deeper alignment between our leading institutional investors and our total shareholder base,” said John Textor, chairman and CEO of Digital Domain Media Group.
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