AFM Hospitality plans private placement of stock for $5 million

By Sheri Kasprzak

Atlanta, Jan. 26 - AFM Hospitality Corp. said it plans to conduct a private placement later this year.

The offering consists of common voting shares sold at a minimum of $3 each or the average trading price for the week before the day of the receipt of funds.

The private placement is expected to hit the market by the middle of the year.

The company is planning the deal through European investment advisers.

Based in Toronto, AFM operates and opens franchise, management and membership agreements with hotels, restaurants and other businesses. The proceeds from the private placement will be used to expand the company's group of internet businesses and provide working capital for its InterActive reservations and marketing businesses. The remainder will be used for working capital and expansion.

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