Building its working capital, Private Media Group finished a private placement of convertible three-year notes with "a number of institutional investors," the company announced this week, convertible to common stock at $2 a share.
Private president Charles Prast said in an announcement the company was pleased with the "enthusiastic response" from those investors "to our small offering. This private placement adds to our working capital and demonstrates that quality institutional investors are interested in participating in Private's future."
Prast said that with market capital over $100 million Private has shown they have full market confidence after three straight quarters of increasing revenues.
"We are excited about Private's on-going growth," Prast continued, "and welcome the institutional support we have received through this placement."
Earlier this week, Private unwrapped the second in its program of singular Websites for selected film and video releases, for the Antonio Adamo-directed Private Gold release, Cleopatra. That site debuted just a couple of weeks after the first of those sites, for The Scottish Loveknot, premiered.
The next expected such site will be for the first entry in Private's Man Size gay line, Marc Anthony. Private has yet to announce the release date for either film or Website.
