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Web Publisher Secures Loan While Nasdaq Deadline Looms

By Published on .

NEW YORK (AdAge.com) -- Salon Media Group, parent of Salon.com, said today it has lined up financing to fund the company as it seeks to arrange new bank loans to support its operations.

The San Francisco-based company announced it secured bridge loan of $715,000 from a group of 11 investors and is in discussions for a new line of credit with a commercial bank.

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The online publisher had disclosed in documents filed with the Securities and Exchange Commission late last month it was under financial pressure due to mounting losses that had left it with $1.5 million in cash as of March 31.

The company's shares, which have been trading under $1 since October, could be delisted by the Nasdaq stock market by Aug. 13, further hindering its ability to raise cash to fund operations.

Salon.com is one of the Web's oldest and most celebrated online ventures.

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