Glu Mobile to raise $15 million for development

Glu Mobile, the mobile games publisher, has seen downloads to the tune of millions for its new series of freemium games but needs more cash to run this business that is not at all inexpensive.

As a result, the company has announced plans for a new public offering of shares where it would make available 7.3 million shares at a price of $2.05 per share.

Out of the total $15 million offering, $13.8 million will be used by the company to develop and maintain more persistent games for the iOS and other platforms.

It was a couple of week ago when Glu Mobile announced that its game Deer Hunter Challenge has now topped more than 2 million downloads on the App Store. At the same time, its two other games, Toyshop Adventure and Gun Bros managed more than a million downloads each in a matter of a few weeks last year.

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