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.