By Sheri Kasprzak
New York, Jan. 12 - Health Benefits Direct Corp. said it has concluded a private placement for $14.7 million.
The company issued a total of 294 units at $50,000 each. The units are comprised of 50,000 common shares and warrants for 25,000 shares.
Each warrant is exercisable for another common share at $1.50 each for three years.
Most recently, the company issued 142 units.
On Dec. 13, the company sold 90 units. On Dec. 8, it sold 22 units and on Nov. 30, it sold 40 units, all under the same terms.
Keystone Equities Group, Inc. was the placement agent.
Proceeds will be used for working capital and debt repayment.
Separately, Health Benefits Direct announced that Alvin Clemens was appointed executive chairman of its board of directors.
Based in Pompano Beach, Fla., Health Benefits Direct is a health insurance company.
| Issuer: | Health Benefits Direct Corp.
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| Issue: | Units of 50,000 shares and warrants for 25,000 shares
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| Amount: | $14.7 million
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| Units: | 294
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| Price: | $50,000
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| Warrants: | For 25,000 shares per unit
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| Warrant expiration: | Three years
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| Warrant strike price: | $1.50
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| Placement agent: | Keystone Equities Group, Inc.
|
| Settlement date: | Jan. 12
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| Stock symbol: | OTCBB: HBDT
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| Stock price: | $2.40 at close Jan. 11
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