Graphix Zone Inc.: The Irvine developer of...

Graphix Zone Inc.: The Irvine developer of interactive multimedia products and services said Wednesday it has completed a private placement of 550,312 restricted common shares for more than $3 million, representing a 13% interest in the company. A spokesman said that after the placement, the company has about 3.3 million common shares outstanding. Graphix said the proceeds will be used as working capital to fund the development of future interactive CD-ROMs, as well as for marketing various Graphix Zone titles scheduled to be released soon.