New Issue: ImageWare wraps $3 million private placement of stock and warrants

By LLuvia Mares

New York, Sept. 26 - ImageWare Systems, Inc. closed a $3 million private placement of stock and warrants.

The company announced Wednesday it sold 2 million shares of stock at $1.50 each and warrants for an additional 1.0 million shares to a group of accredited investors.

The warrants are exercisable at $1.67 each and can be exercised beginning March 26, 2008. The warrants expire in 5.5 years.

Empire Financial Group, Inc. acted as placement agent in the transaction.

Proceeds will be used for general working capital purposes.

San Diego-based ImageWare specializes in developing identity management solutions, providing biometric, secure credential and law enforcement technologies.

Issuer: ImageWare Systems, Inc.

Issue: Stock and warrants

Amount: $3 million

Shares: 2 million

Price: $1.50

Warrants: for 1 million shares

Warrant expiration: 5.5 years

Warrant strike price: $1.67

Placement agent: Empire Financial Group, Inc.

Settlement date: Sept. 25

Stock symbol: Amex: IW

Stock price: $1.72 at close Sept. 25

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