Tomb Raider game maker Embracer raises $182 mn

Gaming group Embracer has raised 2 billion crowns ($182 million) in a share issue directed to institutional investors.
Dollar spending on technologyThe Swedish group said in a statement it issued 80,000 new shares at a subscription price of 25 crowns per share.

Embracer last month launched a program to slash investments and costs. Embracer faced development delays, weaker demand, bad reception for some new games and the fall-through of a planned strategic partnership.

“The proceeds from this share issue will strengthen our financial position, improving both financing cost and our operational flexibility, and enabling us to focus on the key aspects of the program,” Embracer said on Thursday.

Embracer, which last year bought several development studios and the intellectual property rights to a number of games including a new Tomb Raider game, had announced the plans for the share issue late on Wednesday.