By Sheri Kasprzak
New York, June 18 - Florida Gaming Corp. concluded a $5 million private placement of series AA convertible preferred stock.
Pride's Capital Fund I, LP bought the 7% preferreds, which are convertible into common stock at $25.00 each.
Pride also received warrants for 20,000 shares, exercisable at $30.00 each.
National Securities Corp. was the placement agent.
Proceeds will be used for the expansion of the company's card room operations in Ft. Pierce, Fla., and in Miami. The rest will be used for general corporate purposes.
Based in Miami, Florida Gaming owns and operates gaming facilities.
| Issuer: | Florida Gaming Corp.
|
| Issue: | Series AA convertible preferred stock
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| Amount: | $5 million
|
| Dividend: | 7%
|
| Conversion price: | $25.00
|
| Warrants: | For 20,000 shares
|
| Warrant strike price: | $30.00
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| Agent: | National Securities Corp.
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| Investor: | Pride's Capital Fund I, LP
|
| Settlement date: | June 18
|
| Stock symbol: | OTCBB: FGMG
|
| Stock price: | $26.75 at close June 15
|
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