DigitalTown, Inc. (DGTW.OB) Negotiates $10 Million Funding Commitment with Auctus Private Equity Fund
Minnesota-based DigitalTown Inc. is the leading developer of a nationwide social media network of more than 27,000 local online communities for high school students, alumni, boosters and local citizens. The company announced today that it has signed a $10 million drawdown equity financing agreement with Boston-based institutional investor, Auctus Private Equity Fund LLC. DigitalTown is under no obligation to use the funding facility, but plans to use any proceeds for working capital to fund operations of the company. Expansion of its nationwide social media network is another possible use for the funds. Pursuant to the purchase agreement, DigitalTown has the…