Loop Media announces $2.45M registered direct offering, private placement

Loop Media announced that it has entered into a definitive securities purchase agreement for the purchase and sale of an aggregate of 9,652,174 shares of the company’s common stock at a purchase price of 15c per share of common stock in a registered direct offering. The offering is expected to close on or about June 3 subject to the satisfaction of customary closing conditions. Additionally, in a concurrent private placement the company entered into a definitive securities purchase agreement with a certain director of the company for the purchase and sale of an aggregate of 4,347,826 shares of the company’s common stock at a purchase price of $0.2309. The company expects the gross proceeds from the offering to be approximately $2.45M, before deducting the placement agent’s fees and other estimated offering expenses payable by the company. The company intends to use the net proceeds from the proposed offering for working capital and to fund operations.