WebSourced’s parent gets $15 million in new funding
Lake Bluff, IL-based CGI Holding Corp., parent of search engine management company WebSourced Inc., has raised $15.05 million through a private placement of common stock and warrants. The placement consisted 4.3 million unregistered shares of the company`s common stock sold to a group of institutional and accredited investors at $3.50 per share, plus warrants to purchase 2.365 million shares of common stock at an exercise price of $4.12 per share.
"With our rapidly expanding base businesses and over $17.9 million in cash in the bank, we are extremely well positioned to grow the company internally and via a series of acquisitions," says chairman T. Benjamin Jennings. "Our acquisition pipeline is full, and we expect to extend our leadership position in online and traditional advertising and marketing, driven by our search engine marketing, online dating, and other complementary businesses."
Morrisville, NC-based WebSourced is CGI Holding’s only subsidiary.
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