SAN FRANCISCO, CA -- The future of troubled
media company PlanetOut Inc just got a lot brighter as the company
secured $26.2 million in connection with a private placement of common
stock to a group of investors.
The parent company of such notable media entities as Gay.com and
Advocate magazine has been loosing a lot of money lately and was in
danger of bankruptcy as several million dollar loan payments were coming
due.
The
company issued this press release Monday, "PlanetOut Inc announced today
that it has entered into a purchase agreement in connection with a
private placement of common stock to a group of new and existing
accredited and institutional investors that includes Special Situations
Funds, Cascade Investment, L.L.C., SF Capital Partners, PAR Investment
Partners LP and Allen & Company LLC. Pursuant to the terms of the
purchase agreement and subject to customary closing conditions, the
transaction is expected to close on or about July 6, 2007 with PlanetOut
receiving an aggregate of approximately $26.2 million in gross proceeds
from the sale of approximately 22.8 million shares of its common stock.
Allen & Company LLC acted as the placement agent for the transaction."
The
company issued this press release Monday, "PlanetOut Inc announced today
that it has entered into a purchase agreement in connection with a
private placement of common stock to a group of new and existing
accredited and institutional investors that includes Special Situations
Funds, Cascade Investment, L.L.C., SF Capital Partners, PAR Investment
Partners LP and Allen & Company LLC. Pursuant to the terms of the
purchase agreement and subject to customary closing conditions, the
transaction is expected to close on or about July 6, 2007 with PlanetOut
receiving an aggregate of approximately $26.2 million in gross proceeds
from the sale of approximately 22.8 million shares of its common stock.
Allen & Company LLC acted as the placement agent for the transaction."
The Hunk
