T-HQ Inc., a Calabasas publisher of video game software, said it has abandoned plans to sell additional stock to the public because of a series of financing deals and a private stock sale.
T-HQ said it completed a $3-million credit facility for its domestic operations. It also said it has signed a letter of intent to complete a $1.75-million credit facility for its foreign operations, and has sold 2.5 million shares of its common stock in a private transaction, resulting in proceeds to the company of $1.25 million.
In addition, the company said it plans to raise another $3.75 million in equity financing through private transactions within the next 60 to 90 days. T-HQ said that a large share of the financing proceeds would be used to market and manufacture a new video game modem for use with the Sega Genesis system.