The9 raises $12M in private placement transaction to fund growth

The9 Limited announced that it has closed a private placement securities purchase transaction with Bripheno Pte. Ltd., a Singapore limited liability company, pursuant to which the company sold and issued: 150,000,000 Class A ordinary shares equivalent to 500,000 American Depository Shares, or ADSs at a price of USD12 per ADS, two-year 3% per annum convertible promissory note at the purchase price of US$6M with the conversion price of USD15 per ADS and warrants to purchase an aggregate of 120,000,000 Class A ordinary shares equivalent to 400,000 ADSs at an exercise price of US$60 per ADS. The warrants will expire two years from the date of issuance. All the securities are subject to a 6-month lock up period. The company has raised a total of US$12M as the aggregate consideration for the securities. The company plans to use proceeds to fund future growth.