PlanetOut Inc Announces the Closing of $26.2 Million in Equity Financing Tuesday July 10, 8:30 am ET
SAN FRANCISCO, July 10 /PRNewswire-FirstCall/ -- PlanetOut Inc. (Nasdaq: LGBT - News) announced today that on July 9, 2007 it closed its private placement financing with a group of accredited and institutional investors that included Special Situations Funds, Cascade Investment, L.L.C., SF Capital Partners, PAR Investment Partners LP and Allen & Company LLC. PlanetOut received an aggregate of approximately $26.2 million in gross proceeds from the sale of approximately 22.8 million shares of its common stock and used a portion of the proceeds to repay, in full, its indebtedness obligations incurred in connection with its acquisition of the assets of LPI Media, Inc. and related entities, as well as its obligations under loans from Orix Venture Finance LLC. The remainder of the proceeds are expected to be used for general corporate purposes and working capital. Allen & Company LLC acted as the placement agent for the transaction.
The shares of PlanetOut common stock issued in connection with the private placement have not been registered under the Securities Act of 1933, as amended (the "Securities Act"). Accordingly, these securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act. PlanetOut agreed to file within 30 days after the closing one or more registration statements covering the resale of the common stock. This press release shall not constitute an offer to sell or the solicitation of an offer to buy PlanetOut common stock.
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