Rainmaker Systems Announces $3.9 Million Registered Direct Common Stock Offering

Rainmaker Systems RMKR today announced the pricing of its registered direct offering of units consisting of one share of common stock and a warrant to purchase 0.40 shares of common stock. Under the terms of the transaction, Rainmaker will sell approximately 3.5 million shares of its common stock at a price of $1.05 per share, along with warrants to purchase approximately 1.4 million additional shares at $1.40 per share, to purchasers comprised of new investors and existing stockholders, and 141,133 shares of its common stock at a price of $1.24 per share, along with warrants to purchase 56,457 additional shares at $1.40 per share, to members of the Company's board of directors. The Company expects to receive net proceeds of approximately $3.4 million from the offering after deducting placement agent's commissions and estimated offering expenses. The Company intends to use all of the net proceeds from the offering for working capital and general corporate purposes. The offering is expected to close on June 24, 2011, subject to the satisfaction of customary closing conditions. All of the shares of common stock and warrants are being offered pursuant to an effective registration statement previously filed with the Securities and Exchange Commission.