RealTime IT News

CyberCash Raises $15 Million in Private Placement

E-commerce payment technologies and services company CyberCash Inc. raised $15 million in equity capital through a private placement of common stock and warrants.

CyberCash said it plans to use the funds to expand its corporate branding campaign, support strategic acquisitions and investments and provide working capital. The offering was placed with Rose Glen Capital International Investors LDC.

"We're encouraged by the confidence shown by Rose Glen Capital's continued investment in CyberCash," said Dennis N. Cavender, the company's chief financial officer. "This funding provides us with the additional capability to further grow our full suite of technologies by investing in value-added products and services."

CyberCash will issue and sell to its investors $15 million worth of the company's common stock, and warrants to purchase the common stock. The purchase price of the common stock is $9.125, which is the average closing bid price on the three days prior to the closing date of the agreement.

CyberCash brands include InstaBuy, AgileWallet, ICVERIFY, PCVERIFY, CashRegister, NetVERIFY and PayNow.