By Sheri Kasprzak
Atlanta, Jan. 5 - Velocity Asset Management Inc. said it completed a private placement of units for $3,363,529.
The company sold 2,242,353 units at $1.50 each. The units include one share and one one-fifth share warrant.
The whole warrants allow for an additional share at $2.50 each for five years.
On Dec. 22, the company completed a first closing of the private placement for $1,392,755 under the same terms.
Based in Ramsey, N.J., Velocity is a short-term business credit company. The proceeds will be used to fund the purchase of additional portfolios in an effort to expand the company.
| Issuer: | Velocity Asset Management Inc.
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| Issue: | Units of one share and one one-fifth share warrant
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| Amount: | $3,363,529
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| Units: | 2,242,353
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| Price: | $1.50
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| Warrants: | One one-fifth share warrant per unit
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| Warrant expiration: | Five years
|
| Warrant strike price: | $2.50
|
| Settlement date: | Jan. 5
|
| Stock price: | $4.24 at close Jan. 5
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