Glu Mobile closes $13.5 million private placement

Gaming publisher Glu Mobile completed the $13.5 million private placement the firm announced last month, with existing stockholders Greenway Capital, Cannell Capital, Cypress Capital, Granite Global Ventures, New Enterprise Associates, Scale Venture Partners and Stephens Investment Management participating. In early July, Glu said it would sell an aggregate of 13,495,000 shares of common stock at a price of $1.00 per share as well as warrants to purchase an aggregate of 6,747,500 shares of common stock at an exercise price of $1.50 per share; the warrants can be exercised anytime within five years of the deal closing. Glu adds it will file a registration statement by Sept. 26, 2010 covering the resale of certain of the securities issued in the private placement.

Glu Mobile will introduce a new strategic plan focusing on cross-platform mobile games, with the first titles rolling out in October. In a statement, Glu CEO Niccolo de Masi said he believes the company's future efforts are now fully funded.

For more on the Glu Mobile placement:
- read this release

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