Ominto Sells 1 Million Shares For Gross Proceeds Of $4 Million

Ominto, a player in online cash back shopping, announced on Friday (Oct. 7) that, as of Oct. 5, it had received approximately $4 million in gross proceeds through the sale of approximately 1 million shares of common stock at $4.00 per share in its private placement to certain investors located outside of the United States.

The shares of common stock were issued under Regulation S. Proceeds from the private placement are expected to be used for general corporate and working capital purposes, as well as to fund certain marketing efforts to fuel the company’s future growth, the company said in a press release.

In July, competitor Ebates, the pioneer and leader in online cash back shopping and subsidiary of the global internet services company Rakuten, announced the launch of a new In-Store Cash Back program. By simply linking a credit or debit card number to their Ebates account, members can earn cash back offline at retail stores, restaurants and more. Participating retailers include J.Crew Factory, Kiehl’s, Moosejaw, Footwear and many others. In-Store Cash Back is the same cash back Ebates members have come to know and love but is now available offline, too.

“We’re excited to introduce In-Store Cash Back to our members, giving them exclusive deals and cash back offers at their favorite stores,” said Kevin H. Johnson, CEO of Ebates, Inc. “Whether shopping for apparel or appliances, Ebates In-Store Cash Back program offers savvy shoppers a convenient way to earn cash back everywhere they shop — both on and offline.”