By Sheri Kasprzak
New York, March 17 - Empire Financial Holding Co. released the full terms of its previously announced $2,804,990 private placement.
The company sold 863,074 shares of the series F preferreds at $3.25 each to 16 accredited and institutional investors.
The 4% preferreds are convertible into common shares at $3.25 each.
The investors received warrants for 431,537 shares, exercisable at $4.50 each for five years.
Proceeds will be used to open new offices, expand the company's investment banking business and extend the network of its independent brokerage offices.
Based in Longwood, Fla., Empire Financial is a retail brokerage firm.
Issuer: | Empire Financial Holding Co.
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Issue: | Series F convertible preferred stock
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Amount: | $2,804,990
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Shares: | 863,074
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Price: | $3.25
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Dividends: | 4%
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Conversion price: | $3.25
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Warrants: | For 431,537 shares
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Warrant expiration: | Five years
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Warrant strike price: | $4.50
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Settlement date: | March 13
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Stock symbol: | Amex: EFH
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Stock price: | $3.75 at close March 13
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