Lone investor also gets five-year warrants for 357,142 common shares
By Devika Patel
Knoxville, Tenn., Dec. 28 - Mandalay Digital Group, Inc. completed a $1 million private placement of stock with a single investor on Dec. 23, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company sold 1,428,571 common shares at $0.70 per share, which is a 4.11% discount to the Dec. 21 closing share price of $0.73.
The investor also received warrants for 357,142 shares, which are each exercisable at $0.70 for five years. The strike price also reflects a 4.11% discount to the Dec. 21 closing share price.
Mandalay, based in Los Angeles, delivers a mobile services platform that works with mobile operators and third-party publishers to provide portal management, user interface, content development and billing technology that enables the responsible distribution of mobile entertainment.
| Issuer: | Mandalay Digital Group, Inc.
|
| Issue: | Common shares
|
| Amount: | $1 million
|
| Units: | 1,428,571
|
| Price: | $0.70
|
| Warrants: | For 357,142 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.70
|
| Settlement date: | Dec. 23
|
| Stock symbol: | OTCBB: MNDL
|
| Stock price: | $0.73 at close Dec. 21
|
| Market capitalization: | $41.2 million
|
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