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3DO Closes Private Placement of $15.8 Million

3DO has announced it has closed a private placement of $15.8 million in stock to an institutional investor and to the family of Chief Executive Trip Hawkins.

3DO said $12.5 million of the Series A convertible preferred stock went to the institutional investor. The other $3.3 million went to the families of Hawkins and Michael Marks, the chairman and chief executive of contract manufacturer Flextronics International. In a statement, Hawkins said the financing would help 3DO develop a number of game properties, and reaffirmed the company’s plan for a return to profitability by the end of its fiscal fourth quarter in March.

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