New Issue: Empire Financial sells $7.28 million of convertible debentures, stock

By Sheri Kasprzak

New York, April 5 - Empire Financial Holding Co. wrapped its previously announced private placement of convertible debentures, stock and warrants for $7,282,434.

The company sold 6.5% convertible debentures in principal of $6,387,158 and sold $895,276 in 296,922 shares at $3.01519 each.

The debentures are convertible into 2,672,437 shares at $2.39 each.

The investors also received warrants for 1,484,610 shares, exercisable at $2.62 each for five years.

The company expected to raise $9,384,350 in an offering of $8,445,916 in the five-year debentures and $938,434 in shares at $2.39 each.

Based in Longwood, Fla., Empire is a securities brokerage company.

Issuer:	Empire Financial Holding Co.
Issue:	Convertible debentures and shares
Amount:	$7,282,434
Settlement date:	April 5
Stock symbol:	Amex: EFH
Stock price:	$2.70 at close April 4
Shares
Shares:	296,922
Price:	$3.01519
Warrants:	For 1,484,610 shares
Warrant expiration:	Five years
Warrant strike price:	$2.62
Debentures
Amount:	$6,387,158
Maturity:	Five years
Coupon:	6.5%
Debenture price:	Par
Yield:	6.5%
Conversion price:	$2.39
Conversion ratio:	Into 2,672,437 common shares
Warrants:	See above

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