Marathon Patent to sell shares to raise $5m

IP licensing firm Marathon Patent Group, Inc. said that it agreed to sell one million shares of its common stock for gross proceeds of approximately $5 million.

“The shares were offered and are being sold to certain accredited investors in a registered direct offering,” said Marathon.

“The net proceeds from the offering, after deducting estimated offering expenses, will be approximately $5.0 million.

“The offering is expected to close on or about December 14, 2017.”

Marathon said intends to use the net proceeds of the offering for working capital and general corporate purposes.

Last month, Marathon said it entered into a definitive purchase agreement to acquire 100% ownership of Global Bit Ventures (GBV), a digital asset technology company that mines cryptocurrencies.

The closing of that transaction is subject to requisite approvals.