SNAP Interactive Raises $8.5 Million For Social Dating Applications

SNAP Interactive, the publicly listed company behind social dating applications and services like AreYouInterested, is to raise $8.5 million in a private placement transaction.

Under the terms of the transaction, SNAP has agreed to sell approximately 4.25 million shares of its common stock to institutional investors at $2 per share and warrants to purchase up to approximately 2.125 million additional shares of its common stock.

The warrants to purchase additional shares will be exercisable at an exercise price of $2.50 per share and will expire five years from the closing date (expected to be 19 January).

SNAP says it has more than 30 million installs across its social dating applications for Facebook, the iPhone and other platforms.