MDU Communications Closes $16.25M Private Equity Financing to Accelerate Growth
biz.yahoo.com
Wednesday November 24, 4:05 pm ET
TOTOWA, N.J.--(BUSINESS WIRE)--Nov. 24, 2004--MDU Communications International, Inc. (OTCBB:MDTV - News), a leading end-to-end provider of DIRECTV® digital satellite television programming, private cable video solutions and broadband Internet services to the United States residential multi-dwelling unit market, today announced that it has completed a $16.25 million private equity placement, pursuant to which the Company sold 6,063,400 units, each unit consisting of one share of common stock and three-tenths of one three-year warrant to purchase one share of common stock at an exercise price of $3.40 per share, to accredited investors at a per unit price of $2.68. After the payment of fees and expenses, the Company expects to receive net proceeds of approximately $15.0 million. CRT Capital Group LLC acted as placement agent for the financing.
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