By Sheri Kasprzak
New York, Dec. 28 - Document Security Systems, Inc. closed a private placement for $4.35 million.
The company sold 87 units at $50,000 each to a group of institutional and accredited investors.
Each unit included 5,880 common shares and warrants for 2,940 shares, each exercisable at $11.75 for five years.
Perrin, Holden & Davenport Capital Corp. was the placement agent.
Proceeds will be used for the expansion of the company's San Francisco-based manufacturing facilities and for the expansion of sales, marketing, customer service and support operations. The remainder will be used for working capital.
Based in Rochester, N.Y., Document Security develops technologies used to detect counterfeit documents and currency.
| Issuer: | Document Security Systems, Inc.
|
| Issue: | Units of 5,880 shares and warrants for 2,940 shares
|
| Amount: | $4.35 million
|
| Units: | 87
|
| Price: | $50,000
|
| Warrants: | For 2,940 shares per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $11.75
|
| Placement agent: | Perrin, Holden & Davenport Capital Corp.
|
| Settlement date: | Dec. 26
|
| Stock symbol: | Amex: DMC
|
| Stock price: | $10.76 at close Dec. 26
|
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