Platinum Seeks to Raise $10M
Shares Worth Less than $.01
Published: 11/16/2011 12:41am
Platinum Studios, which owns rights to a variety of comics including Cowboys and Aliens, has signed a deal with Dutchess Capital to raise up to $10 million in new capital to finance the company, according to Variety. The 36-month agreement gives Platinum the option to sell shares to Duchess at prices to be determined.
Platinum executed a previous 36-month agreement with Dutchess in early 2010 to raise $5 million (see “Platinum Raises $5 Million”).
Company filings indicate that Platinum lost $7.5 million in the first half of 2011 and include a “going concern” warning, meaning that the company is at risk of being unable to continue operations. Its stock traded at $.004 on Tuesday, although the volume amounted to only around $50. Platinum did generate over $5 million in revenue in the first half of 2011, mostly from licensing revenue related to the release of Dylan Dog: Dead of Night (see “’Dylan Dog’ Trailer”).
Platinum is planning to release Atlantis Rising as a comic series; the film was at one time in development by DreamWorks (see “Atlantis Rising Has Director”), but rights have now reverted to Platinum.
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Column by Frank LeporeLepore looks at the prices paid for singles.