Technology

WorldGate Generates $17.5M for Coffers

8/04/2005 5:29 AM Eastern

WorldGate Communications Inc. said it completed the private placement of $17.5 million in common stock and warrants, led by Satellite Asset Management LP.

The company plans to use the proceeds to expand research and development of its “Ojo” line of videophones.

WorldGate issued 4.66 million shares of stock priced at $3.75 per share, as well as five-year warrants for 1.63 million shares of common stock with an exercise price of $5 per share.