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11|19|2008 03:29 pm EDT

Live Current Raises $1.06 Million Through Private Placement

by Chad Kettner in Categories: Up to the Minute

After news hit that they were running low on cash, Live Current Media (OTCBB:LIVC), a developer of numerous high-profile e-commerce websites, was able to raise $1.06 million by selling 1.63 million units through private placement at $0.65/each.

Investors – including Live Current CEO and chairman, Geoffrey Hampson; President and COO, Jonathan Ehrlich; Chief Corporate Development Officer, Mark Melville; and numerous outside investors – paid 65 cents per unit for the shares which closed at only 51 cents yesterday. Each unit also includes a two-year warrant to purchase one-half of a common share at a 20% premium to the unit price and a three-year warrant to purchase one-half of a common share at a 40% premium to the unit price.

“This financing, in addition to the expected proceeds of the previously announced sale of up to six non-core domain names,” explained Hampson, “is consistent with management’s strategy to ensure that sufficient cash resources are available to meet our obligations through the end of 2009 while minimizing dilution for existing investors.”

According to Live Current’s blog, “a second tranche for additional proceeds of up to $1 million is expected to close within the next 15 days.” It is also believed the company will sell Brazil.com, Vietnam.com, Indonesia.com, Malaysia.com, and GreatBritain.com in an effort to continue developing Perfume.com, Cricket.com, Importers.com, and the rest of their premium domains.

[via Live Current Media]

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2 Comments

andrew

November 19, 2008 @ 4:35 pm EDT

shares down to 40 cents today

UFO.ORG

December 14, 2008 @ 7:22 am EDT

GreatBritain.com has better potential than Perfume.com

One sells high end information and has great PPC/Advertising potential and the other shifts physical product and is usually compated on a price basis which the quality brands don’t like.

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