The deal, which sees 3DO issuing nearly 300,000 shares of common stock and warranting the purchase of 73,527 additional shares to the investors, is undoubtedly aimed at propping up the financials of the company, which has suffered a lack of releases since it resolved to spend more time on individual games rather than following a shovelware approach last year.
The exercise price for the shares has been set at $2.525 and is applicable for the next four years, barring the 180 days from the date of the placement. Investors involved in the deal are thought to include Triage Capital Managament LP, OTA LLC and Triage Offshore Fund.
Source: Gamesindustry.biz, Xengamers
