Company modifies terms of $5 million convertible held by Neal Goldman
By Devika Patel
Knoxville, Tenn., March 10 – ImageWare Systems, Inc. sold $500,000 of convertible promissory notes to Charles Crocker in a private placement on March 8, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The 8% notes are due June 30, 2017 and will be convertible into common stock at $1.25 per share, which is an 8.09% discount to the March 7 closing share price of $1.36.
The company also amended its $5 million convertible promissory notes that were sold to Neal I. Goldman on March 27, 2013. The notes’ maturity was extended to June 30, 2017 from March 27, 2017, and the conversion price was reset at $1.25 per share.
The Goldman convertibles previously allowed the holder to convert up to $2.5 million of the notes into common stock at $0.95 per share, the next $500,000 of the notes at $2.25 per share and any of the remaining principal at $2.30 per share.
San Diego-based ImageWare provides software-based identity management services.
| Issuer: | ImageWare Systems, Inc.
|
| Issue: | Convertible promissory notes
|
| Amount: | $500,000
|
| Maturity: | June 30, 2017
|
| Coupon: | 8%
|
| Conversion price: | $1.25
|
| Warrants: | No
|
| Investor: | Charles Crocker
|
| Announcement date: | March 10
|
| Settlement date: | March 8
|
| Stock symbol: | OTCBB: VPIG
|
| Stock price: | $1.36 at close March 7
|
| Market capitalization: | $117.59 million
|
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