Rage triumphs with Money Machine
£20m credit lifeline
Rage Software, the British games software house, has obtained a £20m credit line -enough funds it says to "fully pursue its strategy of self-publishing".
At the same time, it has announced plans to close studios in Huddersfield and Leeds.
The credit package consists of £15m equity credit from GEM Global Yield Fund and a £5m overdraft facility (of which £32m is subject to hitting certain targets) from the Bank of Scotland. The more money Rage draws down from GEM, the more shares GEM gains.
The money should enable Rage to "fully exploit the range of high profile licenses it has recently secured; these include David Beckham Soccer, the Rocky movie anthology and Aggressive In line Skating, featuring world champion inline skaters Cesar Mora and Fabiola da Silva".