By Angela McDaniels
Tacoma, Wash., Sept. 5 - ImageWare Systems, Inc. issued 765 shares of series D 8% convertible preferred stock in a non-brokered private placement, raising $765,000.
The company has been authorized by the board of directors to sell up to $1.5 million of the preferreds, according to an 8-K filing with the Securities and Exchange Commission.
The investors also received warrants to purchase up to 1.53 million shares of common stock.
The warrants are exercisable at $0.50 per share from Feb. 28, 2009 though Feb. 28, 2014 and have a cashless exercise feature.
Proceeds will be used for general working capital purposes.
San Diego-based ImageWare provides software-based identity management solutions.
| Issuer: | ImageWare Systems, Inc.
|
| Issue: | Series D 8% convertible preferred stock
|
| Amount: | $765,000
|
| Shares: | 765
|
| Dividends: | 8%
|
| Price: | $1,000
|
| Warrants: | For 1.53 million shares
|
| Warrant exercise period: | Feb. 28, 2009 through Feb. 28, 2014
|
| Warrant strike price: | $0.50
|
| Agent: | Non-brokered
|
| Pricing date: | Aug. 29
|
| Settlement date | Sept. 5
|
| Stock symbol: | OTCBB: IWSYE
|
| Stock price: | $0.44 on at close Sept. 5
|
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