Amacore arranges $3 million placement of convertible preferreds

By Laura Lutz

Des Moines, Oct. 19 - The Amacore Group, Inc. plans to settle a $3 million private placement of convertible preferred stock, according to an 8-K filing with the Securities and Exchange Commission.

Vicis Capital Master Fund entered into an oral agreement to buy the preferred stock, according to the 8-K.

The preferreds are convertible into common stock at $5.00 per share.

Amacore said it has received the funds from Vicis, but the written agreement is still being prepared.

The shares will be issued upon execution of the written agreement.

Detailed terms of the offering were not announced.

Tampa, Fla.-based Amacore provides vision care benefits.

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