MINNEAPOLIS, Minn. - Cash Systems, Inc. (Amex: CKN), a provider of cash access products for the gaming industry, says it has partially closed a financing transaction with institutional investors and other accredited investors through a private placement of 1.8 million shares of its common stock at a per-share purchase price of $5.
Cash Systems anticipates closing on the remaining 190,000 shares by early April, according to a news release.
Net proceeds to the company from the entire $10 million offering, after expenses, will be approximately $9.2 million. Cash Systems intends to use the proceeds for general working capital as well as potential acquisitions.
While the sale of shares was not registered with the Securities and Exchange Commission, Cash Systems says it intends to promptly file a registration statement with the SEC, according to the release.
