April 24, 2014 - Funcom today announced that the company has secured NOK 9.7 million (USD 1.6 million) in additional equity by utilizing an available standby equity facility. This gives the company increased financial flexibility in preparing for the launch of LEGO® Minifigures Online.
On May 25 2012, Funcom announced a standby equity facility agreement with YA Global Master SPV Ltd, a fund managed by US based Yorkville Advisors. The facility gave Funcom an access to additional capital if needed within 36 months. This option is now partially exercised.
“We are very pleased to have increased the company’s financial flexibility with funds that will be used in preparing for the launch of LEGO® Minifigures Online. We have several times expressed a need for additional equity and have considered different alternatives to secure this. This facility has been available to us since 2012, but the timing has not been right before”, says CEO of Funcom, Ole Schreiner.
Following the agreement, Funcom will issue 2,203,846 new shares for a total consideration of NOK 9.7 million (USD 1.6 million) at a price of NOK 4.42 per share. The share issue will be completed within eight trading days from today. Total number of shares after the share issue in Funcom N.V. will be 79,016,792 shares.
For further inquiries please contact Funcom at email@example.com