Officials from Dutch publisher Playlogic (
Age Of Pirates, Obscure 2) have announced that the company has secured $12.3 million in new equity through a private placement at the end of its third financial quarter.
The publisher, which was recently granted
publisher status by Sony Computer Entertainment America and signed a new
publishing deal in North America with Ignition, has now completed a
$10 million private placement, which included both the issuance of new shares and a cash loan.
The proceeds of the private placement will be used to reduce the company’s debt, finance new games and increase its work capital. The $12.3 million has already been placed with existing and new shareholders, all of whom are accredited investors. As of the end of the third quarter, the company will still have 38.5 million common shares outstanding.
“This capital raise has resulted in a strong improvement of our balance sheet ratios”, said Playlogic president and CEO Willem M. Smit. “These newly attracted funds will allow Playlogic to continue to execute on its business plans and to meet its release schedule. The successful completion of this transaction positions the company to further accelerate its growth.”
