By Sheri Kasprzak
New York, March 12 - ImageWare Systems, Inc. closed a $1.5 million private placement of series D convertible preferred stock.
The company issued 1,500 shares of the preferreds at $1,000 each.
The preferreds are initially convertible into 789,000 common shares.
The investors also received warrants for 59,210 shares, exercisable at $2.33 each through Sept. 9, 2007.
The offering was not brokered.
San Diego-based ImageWare develops identity management technologies used by law enforcement officials.
| Issuer: | ImageWare Systems, Inc.
|
| Issue: | Series D convertible preferred stock
|
| Amount: | $1.5 million
|
| Shares: | 1,500
|
| Price: | $1,000
|
| Conversion ratio: | Into 789,000 common shares
|
| Warrants: | For 59,210 shares
|
| Warrant expiration: | Sept. 9, 2007
|
| Warrant strike price: | $2.33
|
| Placement agent: | Non-brokered
|
| Settlement date: | March 9
|
| Stock symbol: | Amex: IW
|
| Stock price: | $2.23 at close March 9
|
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