SEATTLE-Loudeye Corp. expects to raise $25 million in a private placement of common stock, the digital media company announced Thursday.
Loudeye, which powers mobile music identification applications and digital storefronts, said it will sell 16.8 million shares as well as warrants to purchase 5 million more to “certain institutional investors.” The company will use the net proceeds for working capital and other general corporate purposes.
Shares of the Nasdaq-listed company were down 1 cent to $2.05 mid-day Thursday.
