Officials representing publisher Red Mile Entertainment (
Heroes of the Pacific,
Gripshift) have announced that the company has raised $7,081,500 in private placement financing, which it says will be put towards the strategic development and marketing of its video game franchises.
While no specific franchises were identified in the transaction, Red Mile
recently signed a multi-year, worldwide license agreement to develop and to publish games based on Frank Miller's popular
Sin City graphic novels.
The company has also
announced that it is working with MTV and developer Sidhe (
Gripshift) on a video game adaptation of the television and movie property
Jackass.
Ben Zadik, Red Mile’s chief financial officer commented in a statement that the funding "simplifies our capital structure and greatly improves our financial foundation by eliminating approximately $8.2 million of debt."
"The completion of this planned offering provides further validation of our business model and strengthens Red Mile's operational capabilities with respect to the development of our highly anticipated franchise games," added Chester Aldridge, chairman and CEO of Red Mile.
