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.

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