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Technology / AI and automation


Geotek Communications Inc, Montvale, New Jersey has agreed to a private placing of $207m principal amount of units, each consisting of five-year zero coupon 15% senior secured discount notes due 2005 and 6.2m 10-year warrants to buy common shares at $9.90 per share. Geotek expects initial gross proceeds – before the warrants become exercisable – to be $100m, to be used for the initial roll-out of the firm’s wireless digital speech and data net.

3DO Co Inc, Redwood City, California manufacturer of the Interactive Multiplayer, raised $16.6m in a private placing of over 1.5m common shares. The shares were offered to large international institutional investors and the proceeds are to be used for general working capital purposes, 3DO noted.

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