By Devika Patel
Knoxville, Tenn., March 5 - Jesup & Lamont, Inc. gave details on two private placements that raised $4.2 million in an 8-K filed Thursday with the Securities and Exchange Commission. The deals were announced on March 4.
The company sold $2 million of 9% convertible debentures and $2.2 million of units on Feb. 27.
The debenture, sold to investor Legent Clearing LLC, matures in five years. It is convertible into stock at $0.50 per share.
The units were sold at prices ranging from $1.365 to $2.125. Each unit consists of four common shares and a warrant. Each warrant is exercisable for five years, with strike prices ranging from $0.341 to $0.55 per share.
Proceeds will primarily be used to expand the brokerage operations of the company's subsidiary Jesup & Lamont Security Corp.
Longwood, Fla.-based Jesup provides a range of securities brokerage, asset management and market making services.
Issuer: | Jesup & Lamont, Inc.
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Issue: | Convertible debentures, units of four common shares and one warrant
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Amount: | $4.2 million
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Announcement date: | March 4
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Settlement date: | Feb. 27
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Stock symbol: | Amex: JLI
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Stock price: | $0.58 at close Feb. 27
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Market capitalization: | $8.31 million
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Debentures
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Amount: | $2 million
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Maturity: | Five years
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Coupon: | 9%
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Price: | Par
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Yield: | 9%
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Conversion price: | $0.50
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Warrants: | No
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Investor: | Legent Clearing LLC
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Units
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Amount: | $2.2 million
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Price: | Variable, from $1.365 to $2.125
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Warrants: | One per unit
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Warrant expiration: | Five years
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Warrant strike price: | Variable, from $0.341 to $0.55
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