Dutch development and publishing operation Playlogic will be looking to strengthen its position in the market after a massive cash injection to the tune of $12.3 million.
The firm received the equity through a private placement from investors.
We announced a $10 million private placement on the 25th of April and after receiving the final payment, this placement is now closed,” Playlogic’s Rogier Smit told MCV.
The proceeds of the private placement were used to reduce the company’s debt position. We are also using the money to finance new games and enhance our working capital position.”
When asked if the cash would be used to spearhead any further expansion in the UK, Smit continued: As always, publishing great titles is our primary goal for next year. In the first quarter of 2008 Playlogic expects to release six to eight titles worldwide on various platforms.”
Recently, Playlogic announced that it is in the process of working with SCEE on an original title for the PS3, collaborating with the format holder’s London office.