IFLI getting whopped -$4, What were they thinking?
International Fight League, Inc. (OTCBB: IFLI), the world's first team-based
professional mixed martial arts sports league, announced today that it has
entered into definitive private placement agreements with certain institutional
and accredited investors to sell 19,376,000 shares of common stock, at a price
of $1.25 per share. IFL expects that the net proceeds of the private placement
will be approximately $22 million after deducting the placement agency fees and
all estimated offering expenses.
"We are delighted that we were able to complete this financing at this very
important time in the company's development. This new capital will assist us in
funding our growth," said IFL CEO Gareb Shamus. "We are excited about the
quality of the investors and their show of support for our company, its
management team and the sport of mixed martial arts," Shamus added.
The shares of common stock have not been registered under the Securities Act,
or any state securities laws, and were issued in a private transaction under
Regulation D. The Company has agreed to file a registration statement with the
Securities and Exchange Commission covering the resale by the investors of the
privately placed common stock. Until this registration is declared effective by
the SEC, the shares of common stock may not be reoffered or resold in the
United States unless the re-offer or resale is registered or unless exemptions
from the registration requirements of the Securities Act and applicable state
laws are available.
