By Sheri Kasprzak
New York, May 31 - Family Home Health Services, Inc. completed a $1.75 million private placement of series A convertible preferred stock.
The company issued 4,375,000 shares of the preferreds at $0.40 each to Barron Partners, LP.
The preferreds are convertible into common shares at $0.40 each.
The preferreds do not pay annual dividends.
Barron received A warrants for 4 million shares, exercisable at $0.60 each; B warrants for 1.75 million shares, exercisable at $0.75 each; and C warrants for 5.75 million shares, exercisable at $2.80 each. The warrants all expire on May 24, 2011.
Westminster Securities Corp. was placement agent for the offering.
Located in Wood Dale, Ill., Family Home Health Services provides nursing care as well as physical and occupational therapy in the Chicago area.
| Issuer: | Family Home Health Services, Inc.
|
| Issue: | Series A convertible preferreds
|
| Amount: | $1.75 million
|
| Shares: | 4,375,000
|
| Price: | $0.40
|
| Conversion price: | $0.40
|
| Conversion ratio: | One-for-one
|
| Warrants: | Series A for 4 million shares; series B for 1.75 million shares; series C for 5.75 million shares
|
| Warrant expiration: | May 24, 2011
|
| Warrant strike price: | $0.60 for series A; $0.75 for series B; $2.80 for series C
|
| Investor: | Barron Partners, LP
|
| Placement agent: | Westminster Securities Corp.
|
| Settlement date: | May 24
|
| Stock symbol: | Pink Sheets: FYHH
|
| Stock price: | $1.10 at close May 24
|
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