Mad Catz (MCZ) Enters Agreements for 8.89M Common Shares
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Mad Catz Interactive, Inc. (AMEX: MCZ) received securities purchase agreements from accredited investors for the private placement of approximately 6.35 million shares of its common stock at $1.92 per share and warrants to purchase approximately 2.54 million additional shares of its common stock.
The warrants to purchase additional shares will be exercisable at a price of $2.56 per share for 5 years commencing six months and one day following their issue date.
The net proceeds of the private placement along with borrowings under the Company’s credit facility will be used to repay in full the $14.5 million of principal and $0.2 million interest on the convertible notes payable issued in November 2007 as partial consideration of the Company’s acquisition of Saitek.
The warrants to purchase additional shares will be exercisable at a price of $2.56 per share for 5 years commencing six months and one day following their issue date.
The net proceeds of the private placement along with borrowings under the Company’s credit facility will be used to repay in full the $14.5 million of principal and $0.2 million interest on the convertible notes payable issued in November 2007 as partial consideration of the Company’s acquisition of Saitek.
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