Playlogic Entertainment $7 Million Funding

Playlogic Entertainment sent out a press release announcing that it has successfully closed $3 million in equity ($1.00 per share) and $4 million in loan through a Private Placement. This loan of $4 million is bearing a yearly interest of 7% and a term of 2.5 years. The total amount of $7 million is placed at existing and new shareholders, all accredited investors. After closing of this private placement, the company has 41.5 million common shares outstanding as per March 31st 2008.