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Playlogic Secures $12.3 Million Investment

by Rainier on Nov. 2, 2007 @ 10:37 a.m. PDT

Playlogic Entertainment announced that it has successfully closed $12,3 million in equity through a private placement at the end of the third quarter, allowing it to reduce debt, and finance new titles.

As a result of the equity raised Playlogic achieved a positive equity position as of September 30th, 2007. Amongst others, the proceeds of the private placement were used to reduce the company’s debt position, finance new games and enhance its working capital position. “This capital raise has resulted in a strong improvement of our balance sheet ratios”, according to Willem M. Smit, President and CEO of Playlogic, “These newly attracted funds will allow Playlogic to continue to execute on its business plans and to meet its release schedule. The successful completion of this transaction positions the company to further accelerate its growth.”

The total amount of $ 12,3 million was placed with both existing and new shareholders, all of whom are accredited investors. After this private placement at the end of the third quarter, the company has 38,5,5 million common shares outstanding.

The Company expects to file and disclose its Q3 figures on Monday the 5th of November.

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