By Devika Patel
Knoxville, Tenn., Nov. 30 - Zoo Entertainment, Inc. arranged a $5 million private placement of its series A convertible preferred stock on Nov. 20, according to an 8-K filed Thursday with the Securities and Exchange Commission. It has already raised $4.22 million.
The company will sell 2 million preferreds at $2.50 apiece. In the first tranche, it sold preferreds and warrants which, when converted, will equal 1,689,606,000 common shares.
Each preferred converts into 1,000 common shares. The warrants are exercisable at $0.01 for five years.
Focus Capital Partners, LLC and Socius Capital Group, LLC are the lead investors.
Los Angeles-based Zoo Entertainment is a developer, publisher and distributor of video game software for use on platforms, including Nintendo's Wii, DS, GBA, Sony's PSP and PlayStation 2.
| Issuer: | Zoo Entertainment, Inc.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $5 million
|
| Shares: | 2 million
|
| Price: | $2.50
|
| Conversion ratio: | Into 1,000 common shares
|
| Warrants: | Yes
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.01
|
| Investors: | Focus Capital Partners, LLC and Socius Capital Group, LLC (leads)
|
| Settlement date: | Nov. 20 (for $4,224,015)
|
| Stock symbol: | OTCBB: ZOOE
|
| Stock price: | $0.75 at close Nov. 20
|
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