Midlothian, Va. – SouthPeak Interactive, a developer and
publisher of video games for all major platforms, said that it has raised $5.5
million in a private placement of convertible notes and warrants.

The deal
included a rollover of $500,000 invested by chairman Terry Phillips.

The notes
are scheduled to mature in three years.

"This additional capital
significantly bolsters our financial position and enables us to more aggressively
pursue our strategic growth objectives, including new content acquisitions,
increased distribution and the continued expansion of our already strong
portfolio," said CEO Melanie Mroz.

The news comes a week after SouthPeak
announced a new $10 million line of credit with financial services firm
Rosenthal & Rosenthal.


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