RefreshClassifieds » funding http://refreshclassifieds.com A new look at the Classified Advertising Industry Tue, 29 Jun 2010 13:05:50 +0000 en hourly 1 http://wordpress.org/?v=3.0 Local.com raises $13M http://refreshclassifieds.com/2007/08/01/localcom-raises-13m/ http://refreshclassifieds.com/2007/08/01/localcom-raises-13m/#comments Wed, 01 Aug 2007 15:25:38 +0000 colin http://refreshclassifieds.com/2007/08/01/localcom-raises-13m/ Local.com is in the news again with private stock issue worth $13M US today.  The company issued 2,356,900 shares at $5.50 per share.  The company will use the money to fund acquisitions, like the PremierGuide purchase last month, and expand its sales channel, defend its patent portfolio and for general operations.

The company also issued warrants to purchase additional shares in 2 issues.  The first issue is for 471,386 additional shares of the company’s common stock at a price of $7.89, exercisable beginning February 1, 2008 and for a period of five years thereafter.  The 2nd issue is for 471,386 additional shares of the company’s common stock at a price of $9.26, exercisable beginning February 1, 2008 and for a period of six years thereafter.

As Local.com raises more money it will be interesting to see if how they assert their local search patent over other sites that might infringe.  Its not clear how much of this funding round is connect with defending their patent portfolio.

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