Having just announced key Q4 2010 freemium games, including The Lord of the Rings and Family Guy branded titles, Glu Mobile has completed the final stage of its planned restructuring with the closing of its $13.5 million refinancing scheme.

Announced in July, the sale of common stock and warrants to ten existing stockholders and ten new investors sees the company gain gross proceeds of approximately $13.5 million.

Existing stockholders who participated included Greenway Capital, Cannell Capital, Cypress Capital, Granite Global Ventures, New Enterprise Associates, Scale Venture Partners and Stephens Investment Management.

Good to go

"Today we have crossed an important milestone in Glu's development and believe our business plan to now be fully funded," stated Niccolo de Masi, Glu's CEO.

"We are very excited to have received the support from a large cross section of our existing stockholders in this private placement. This financing provides the working capital to advance our new strategic plan of persistent, cross-platform mobile games.

"We have an exciting roadmap which will roll out beginning in October of this year."

Under the terms of the agreement, Glu has agreed to sell an aggregate of 13,495,000 shares of common stock at a price of $1.00 per share and warrants to purchase an aggregate of 6,747,500 shares of common stock which will become exercisable at an exercise price of $1.50 per share commencing immediately after the closing of the financing and at any time or from time to time on or prior to the fifth anniversary of the closing.