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Dec. 27, 2011 /PRNewswire/ -- MGT Capital Investments, Inc. ("MGT", "we", or "the Company") (AMEX: MGT.BC), a holding company with operations in the healthcare industry, today announced that it has raised approximately
$780,000 in a direct rights offering to its shareholders. All 31,240,472 shares subject to subscription rights were sold pursuant to the Basic Subscription Privilege and the Oversubscription Privilege described in the Prospectus. In addition, there were unfulfilled oversubscription requests to purchase an additional 9,996,453 shares.
The rights offering expired as of
5:00 p.m. Eastern Time on
December 23, 2011. The Company, upon Amex's approval of the Company's additional listing application relative to the shares subject to the Rights Offering, will issue the 31,240,472 shares purchased under the Rights Offering. At that time, the Company will have
70,291,062 shares outstanding
. Robert Ladd, Interim President and CEO of the Company, commented, "The successful completion of the rights offering is an important preliminary step to the process of building value through prudent capital allocation. We look forward to detailing our progress in 2012."
About MGT Capital Investments, Inc.MGT is a holding company comprised of MGT, the parent company, and its wholly-owned subsidiary MGT Capital Investments (U.K.) Limited. In addition we also have a controlling interest in our subsidiary, Medicsight Ltd, including its wholly owned subsidiaries.
Medicsight is a medical technology company with operations in medical imaging software development and medical hardware devices. The company provides a computer-aided detection software application that is used to assist radiologists with early detection and measurement of colorectal polyps. The Company's software received a CE Mark in 2009, as well as clearance from the U.S. FDA in May 2011. Medicsight has also developed an automated carbon dioxide medical inflation device and associated disposable tubing (MedicCO 2 LON) that is being commercialized in partnership with a global distributor.