By Sheri Kasprzak
New York, May 9 - Vein Associates of America, Inc. has settled a $2 million private placement of series A convertible preferred stock.
A group of institutional investors led by Barron Partners LP bought 27.7 million shares of the preferreds.
The conversion price of the preferreds could not be determined by press time Tuesday.
The investors received class A warrants for 10 million shares at $0.16 each and class B warrants for 10 million shares, exercisable at $0.24 each.
Westminster Securities Corp. is the placement agent.
Proceeds will be used to expand the number of clinics in the company's networks. The rest will be used for working capital.
Orlando-based Vein Associates manages a network of medical facilities focused on the treatment of vein diseases.
| Issuer: | Vein Associates of America, Inc.
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| Issue: | Series A convertible preferreds
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| Amount: | $2 million
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| Shares: | 27.7 million
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| Warrants: | Class A warrants for 10 million shares; class B warrants for 10 million shares
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| Warrant strike price: | $0.16 for 10 million; $0.24 for 10 million
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| Placement agent: | Westminster Securities Corp.
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| Investor: | Barron Securities LP (lead)
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| Settlement date: | May 9
|
| Stock symbol: | OTCBB: VNAA
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| Stock price: | $0.45 at close May 9
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