THQ Raises $8.7 Million by Calling Warrants
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THQ Inc., a Calabasas producer of video games and toys, said it raised $8.7 million by calling 6.3 million of its warrants, in which the warrants’ holders were allowed to purchase common stock of THQ from the company at certain below-market prices.
Also, THQ said it obtained a $10-million credit package from The Pacific Bank, of which $2 million is available through next Jan. 15 and $8 million through next March 15.
The warrant proceeds and the credit package mean THQ “is well-positioned to take advantages of opportunities in the toy industry,” THQ President Jack Friedman said in a statement.
Separately, THQ said it received approval from video-game maker Nintendo to sell a video game based on the popular movie “Home Alone” that can be played on all three types of Nintendo systems. Shipments of the games will occur during the current quarter.
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