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MillimeterDDD Raises $5 Million for 3D TV
Aug 1, 2001 12:00 PM, VS Staff
SANTA MONICA, Calif. (July 31, 2001) - Dynamic Digital Depth Inc. (CDNX:DDE), the company bringing 3D TV to market, has raised CDN$5 million through an equity private placement.
Lead investor, Elliott Associates, subscribed for over $3 million of the capital and remains DDD’s largest shareholder.
“Having seen the progress DDD has made bringing 3D TV without glasses to market - including 3D TV systems actually available for sale now - we are more convinced than ever that DDD will play a major role in the transformation of consumer television,” said a spokesperson for Elliott.
The terms of the private placement announced in April were amended to increase the size of the equity financing to CDN$5,029,024 through the issuance of 1,796,079 Units at a price of CDN$2.80 per Unit. Each Unit comprises one common share and one-half warrant, with each whole warrant exercisable into one common share at an exercise price of CDN$3.50 over a two year period. Commissions of cash and units were paid in accordance with applicable securities laws. This private placement is subject to regulatory approval.
DDD is transforming television with glasses-free 3D. Its patented 3D technologies enable the creation of 3D content; mass-market distribution; and 3D viewing without glasses. The free OpticBOOM Plug-in and more information are available at www.ddd.com. DDD is publicly traded on The Canadian Venture Exchange under the symbol CDNX:DDE.
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