April 05, 2007 12:21am
Rick’s Completes Private Placement of Stock
Source: Rick's Cabaret International, Inc.
by: Company Press Release
(HOUSTON, TX) -- Rick’s Cabaret International, Inc. (Nasdaq: Rick) said today it has completed the private placement of 425,000 shares of restricted common stock at a price of $9.40 per share.
Rick’s Cabaret said a group of accredited investors acquired the shares and that the transaction would net $3,595,500 to the company after expenses. The funds will be used in the purchase of an upscale gentleman’s club in the Dallas-Ft. Worth Metroplex area that the company expects to close in April.
About Rick’s Cabaret
Rick’s Cabaret International, Inc. (Nasdaq: Rick) operates upscale adult nightclubs serving primarily businessmen and professionals that offer live adult entertainment, restaurant and bar operations. The company owns and operates or licenses adult nightclubs in New York City, New Orleans, Charlotte, Houston, Minneapolis and other cities under the names "Rick's Cabaret," "Xtc" and "Club Onyx." No sexual contact is permitted at any of these locations. Rick’s Cabaret also owns the adult Internet membership Web site, couplestouch.com, and a network of online adult auction sites under the flagship URL naughtybids.com. Rick’s Cabaret common stock is traded on Nasdaq under the symbol Rick. For further information contact email@example.com.