Loudeye gets an infusion of $12.2 million in equity financing
Loudeye Corp., which provides management, promotion and distribution services for digital media, primarily for music and videos online, has received an equity investment of $12.1 million with a private placement of 7.8 million shares. It did not name the investors, who paid $1.55 a share.
Loudeye says it will use the funds for operating expenses and expansion.
"This financing strengthens Loudeye`s institutional shareholder base, cash position and balance sheet and puts us in a stronger position to increase our market share within the digital media distribution space," said Jeff Cavins, Loudeye`s president and chief executive officer. "We are pleased with the confidence shown in Loudeye by these institutional investors."
Loudeye also reported that the investors and placement agent will receive warrants to purchase 979,839 shares of common stock at an exercise price of $2 per share.
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