Augme closes USD 20.2 mln public offering of common stock

Mobile marketing applications and services provider Augme Technologies has closed its public offering of 9,400,000 shares of its common stock at a price to the public of USD 2.15 per share. In connection with the offering, the company also granted to the underwriters a 45-day option to purchase up to 1,410,000 additional shares of common stock from the company to cover any over-allotments.The company currently intends to use the net proceeds from this offering for organic expansion in existing and new markets, for general corporate purposes, to pay in full a promissory note in the amount of USD 1 million issued to Hipcricket on 25 August and, if decided to pay the amount in cash instead of in common stock, to pay up to USD 2 million in tax liability coverage to the holders of Hipcricket options.