By Sheri Kasprzak
Atlanta, Dec. 28 - GVI Security Solutions Inc. said it raised $33.9 million in a private placement.
The company sold 22.62 million shares at $1.50 each.
C.E. Unterberg, Towbin LLC was the placement agent in the offering, and The Pinnacle Fund LP was the lead investor.
Based in Carrollton, Texas, GVI is a security company that provides video surveillance, access control and detection systems to the professional, homeland security, retail and business-to-business sectors.
The company plans to use about $4.7 million of the proceeds to repay a promissory note from Laurus Master Fund and about $1.15 million to repay notes sold to the company's affiliates in a bridge financing. The remainder of the proceeds will be used for general corporate purposes.
| Issuer: | GVI Security Solutions Inc.
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| Issue: | Stock
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| Amount: | $33.9 million
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| Shares: | 22.62 million
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| Price: | $1.50
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| Warrants: | No
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| Placement agent: | C.E. Unterberg, Towbin LLC
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| Investors: | The Pinnacle Fund LP
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| Settlement date: | Dec. 28
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| Stock price: | $3.75 at close Dec. 28
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