Westfield-based interactive movie theater company Digital Cinema Destinations, operating as Digiplex Destinations, announced today that is has entered into definitive agreements with certain institutional investors to sell an aggregate of 1.1 million 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.
According to the announcement, the shares were sold at a price of $5.00 per share. Barrington Research Associates Inc. 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 the acquisition of additional units of membership interest in its joint venture, Start Media/Digiplex LLC and the financing of possible acquisitions or business expansions. The closing of this offering is expected to occur on or about October 9, 2013, subject to satisfaction of customary closing conditions.