By LLuvia Mares
New York, Sept. 28 - Tix Corp. announced it settled the final $5.2 million piece of a $17.8 million private placement of stock and warrants.
The company sold 1.1 million shares of its stock at $4.75 each in the second tranche. In addition, the company also issued to investors two-year warrants to purchase 550,000 shares of common stock at an exercise price of $5.50 per share. The transaction closed on Sept. 24.
In the total financing, the company sold 3.7 million shares of stock and raised $17.8 million.
Proceeds will be used to fund the Asset Purchase of Exhibit Merchandising LLC, and the members of EM for $11.4 million in cash and 5 million restricted shares of the company's stock.
Studio City, Calif.-based Tix is a ticketing company and specializing in providing ticket resale services, marketing and distribution of events and exhibit merchandising,
Issuer: Tix Corp.
Issue: Stock and warrants
Amount: $5.2 million
Shares: 1.1 million
Price: $4.75
Warrants: For 550,000 shares
Warrant expiration: Two years
Warrant strike price: $5.50
Settlement date: Sept. 24
| Stock symbol: | OTCBB: TIXC
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| Stock price: | $6.70 at close Sept. 27
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