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Palm raises $18 million

Palm said Friday that it has raised $18 million by selling 1.2 million shares to an institutional investor at a price of $15 a share. Palm said the investment, which was made through its existing $200 million shelf registration on file with the Securities and Exchange Commission, will be used for "general corporate purposes." Palm said the purchase price represents a "nominal discount" to the average trading price over the last 15 days. Palm shares closed Friday at $16.32, up 23 cents, or nearly 1.43 percent.