Local.com sells stocks, raises $13M
Local.com, top local search engine that provides information on local businesses, products, services, and jobs, completes $13 million worth of financing by selling about 2.4 million shares in a private transaction worth $5.50 per share.
The amount raised is expected to be spent on new possible acquisitions, direct sales channel development and expansion, and protecting the company’s growing intellectual property. In addition to this, the investors were issued to purchase additional shares at beginning February 2008, securing Local.com enough funding to last the next five-six years.
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