Midway Gains $24.7m In Stock Deal

In further news today from Midway, representatives of the company have announced a series of definitive purchase agreements with certain new and existing institutional and other accredited investors for the private placement of 9,317,886 shares of its common stock. This move will result in gross proceeds to the company of $24.7 million. The net proceeds will apparently be used for the creation and development of video games, for working capital to finance inventory and receivables and for general corporate purposes.