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Published on 1/21/2005 in the Prospect News PIPE Daily.

New Issue: Napster hits private placement market with $52.18 million stock offering

By Sheri Kasprzak

Atlanta, Jan. 21 - Napster Inc., the famed digital music download company, plans to raise $52,185,000 in the private placement market, said a market source who has seen the deal.

The deal breaks down to 7.1 million shares sold at $7.35 each.

The company has already received agreements with some accredited institutional investors for the offering, which is expected to close Jan. 24.

Napster, based in Los Angeles, provides music download services from the internet. The company plans to use the proceeds from the deal to launch its Napster To Go portable subscription product and to make potential acquisitions.

Issuer:Napster Inc.
Issue:Stock
Amount:$52,185,000
Shares:7.1 million
Price:$7.35
Warrants:No
Announcement date:Jan. 21
Settlement date:Jan. 24
Stock price:$8.36 at close Jan. 20

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