INTERNATIONAL FIGHT LEAGUE (IFL) TO RAISE $24 MILLION OF COMMON STOCK
International Fight League, Inc. (OTC.BB: IFLI), the world’s first team-based professional mixed martial arts sports league, announced today that it has entered into definitive private placement agreements with certain institutional and accredited investors to sell 19,376,000 shares of common stock, at a price of $1.25 per share. IFL expects that the net proceeds of the private placement will be approximately $22 million after deducting the placement agency fees and all estimated offering expenses.
“We are delighted that we were able to complete this financing at this very important time in the company’s development. This new capital will assist us in funding our growth.” said IFL CEO Gareb Shamus. “We are excited about the quality of the investors and their show of support for our company, its management team and the sport of mixed martial arts.” Shamus added.
The shares of common stock have not been registered under the Securities Act, or any state securities laws, and were issued in a private transaction under Regulation D. The Company has agreed to file a registration statement with the Securities and Exchange Commission covering the resale by the investors of the privately placed common stock. Until this registration is declared effective by the SEC, the shares of common stock may not be reoffered or resold in the United States unless the re-offer or resale is registered or unless exemptions from the registration requirements of the Securities Act and applicable state laws are available.