By Sheri Kasprzak
New York, July 10 - HiEnergy Technologies, Inc. completed a $2,136,403 closing of a proposed $5 million private placement of series B convertible preferred stock.
The company issued 213.6403 shares of the preferreds. It also issued series B-1 warrants for 2,136,403 shares and series B-2 warrants for 1,424,269 shares.
The preferreds are convertible into common shares at $0.30 each. The preferreds pay annual dividends at 8% through Jan. 1, 2007. After Jan. 1, 2007, the dividend rate will increase to 10% annually.
The series B-1 warrants are exercisable at $0.45 each through June 30, 2011 and the series B-2 warrants at $0.60 each through June 30, 2011.
The placement will continue until the company raises $5 million.
Burnham Hill Partners is the placement agent.
Located in Irvine, Calif., HiEnergy develops devices used to detect chemicals within metal or other barriers.
| Issuer: | HiEnergy Technologies, Inc.
|
| Issue: | Series B convertible preferreds
|
| Amount: | $2,136,403
|
| Shares: | 213.6403
|
| Price: | $10,000
|
| Dividends: | 8% initially
|
| Conversion price: | $0.30
|
| Warrants: | Series B-1 warrants for 2,136,403 shares; series B-2 warrants for 1,424,269 shares
|
| Warrant expiration: | June 30, 2011
|
| Warrant strike price: | $0.45 for series B-1 warrants; $0.60 for series B-2 warrants
|
| Placement agent: | Burnham Hill Partners
|
| Settlement date: | June 30
|
| Stock symbol: | OTCBB: HIET
|
| Stock price: | $0.33 at close June 30
|
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