Digital Cinema Destinations Raises More Funding

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Sun, 10/06/2013 - 11:28 -- Nick Dager

Digital Cinema Destinations has entered into definitive agreements with certain institutional investors to sell an aggregate of 1,141,000 shares of its Class A Common Stock in a registered direct offering for gross proceeds of approximately $5.7 million, before deducting placement fees and offering expenses. The shares were sold at a price of $5.00 per share. Barrington Research Associates acted as exclusive placement agent for the offering.

The Company intends to use the net proceeds from the offering for general corporate purposes, which may include, among other things, repayment of debt, capital expenditures, the acquisition of additional units of membership interest in its joint venture, Start Media/Digiplex, the financing of possible acquisitions or business expansions, increasing its working capital and the financing of ongoing operating expenses and overhead. The closing of this offering is expected to occur on or about October 9 subject to satisfaction of customary closing conditions.

The securities are being offered pursuant to the Company's effective shelf registration statement previously filed with the Securities and Exchange Commission and may only be offered by means of a prospectus. Copies of the prospectus supplement and accompanying base prospectus relating to the offering may be obtained from the Securities and Exchange Commission website at or from Barrington Research Associates.

This press release shall not constitute an offer to sell nor the solicitation of an offer to buy any security, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

Digital Cinema Destinations