By Sheri Kasprzak
New York, March 15 - ImageWare Systems, Inc. released details on a $1.5 million private placement of series D convertible preferred stock.
The 8% preferreds are convertible into common shares at $1.90 each.
The investors also received warrants for 59,207 shares, exercisable at $2.33 each from Sept. 9, 2007 through Sept. 9, 2012.
The offering was not brokered.
The placement caused all amounts due under a $1.55 million loan issued March 17, 2006 to be due and payable immediately. As of March 9, there was $1,196,259 in principal and $19,319 in interest outstanding under the notes.
San Diego-based ImageWare develops identity management and digital imaging technologies.
| Issuer: | ImageWare Systems, Inc.
|
| Issue: | Series D convertible preferred stock
|
| Amount: | $1.5 million
|
| Shares: | 1,500
|
| Price: | $1,000
|
| Dividends: | 8%
|
| Conversion price: | $1.90
|
| Warrants: | For 59,207 shares
|
| Warrant expiration: | Sept. 9, 2012
|
| Warrant strike price: | $2.33
|
| Placement agent: | Non-brokered
|
| Settlement date: | March 9
|
| Stock symbol: | Amex: IW
|
| Stock price: | $2.12 at close March 9
|
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