Playlogic raises $7 million

Playlogic Entertainment has announced that it has successfully closed USD 3 million in equity and USD 4 million via a loan through a private placement.

The USD 4 million loan bears yearly interest of 7 per cent for a term of 2.5 years.

According to the company, the total USD 7 million is placed at existing and new shareholders - all accredited investors - giving Playlogic 41.5 million common shares outsanding as of March 31, 2008.

The newly attracted funds will improve the working capital and equity position of the company, allowing Playlogic to execute its business plan and adhere to release schedules for the year 2008.