Investor Windsor Media also gets five-year warrants for 71,429 shares
By Devika Patel
Knoxville, Tenn., May 30 - Mandalay Digital Group, Inc. completed a $1 million private placement of stock with Windsor Media, Inc. on May 28, according to an 8-K filed Thursday with the Securities and Exchange Commission. The deal priced on May 23.
The company sold 285,714 common shares at $3.50 per share. The price per share is a 14.63% discount to $4.10, the May 22 closing share price.
Windsor Media also received warrants for 71,429 shares, which are each exercisable at $3.50 for five years. The strike price also reflects a 14.63% discount to the May 22 closing share price.
Proceeds will be used for organic growth, including carrier implementation, as well as for general working capital purposes.
Mandalay, based in Los Angeles, delivers a mobile services platform that works with mobile operators and third-party publishers to provide portal management, user interface, content development and billing technology that enables the responsible distribution of mobile entertainment.
| Issuer: | Mandalay Digital Group, Inc.
|
| Issue: | Common stock
|
| Amount: | $1 million
|
| Shares: | 285,714
|
| Price: | $3.50
|
| Warrants: | For 71,429 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $3.50
|
| Investors: | Windsor Media, Inc.
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| Pricing date: | May 23
|
| Settlement date: | May 28
|
| Stock symbol: | OTCBB: MNDL
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| Stock price: | $4.10 at close May 22
|
| Market capitalization: | $80.44 million
|
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