By Devika Patel
Knoxville, Tenn., Oct. 7 - Las Vegas Gaming, Inc. arranged to raise $11.5 million in a private placement of its series I convertible preferred stock on Oct. 1, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company will sell 4,693,878 preferreds at $2.45 apiece to IGT.
IGT also will receive a warrant for 1.5 million common shares, which is exercisable at $2.45 for three years.
The preferreds pay 6.5% in dividends and are convertible into common shares at $2.45 per share.
Settlement is expected Oct. 29.
Based in Las Vegas, Las Vegas Gaming, a private company, manufactures and sells gaming equipment to casinos.
| Issuer: | Las Vegas Gaming, Inc.
|
| Issue: | Series I convertible preferred stock
|
| Amount: | $11.5 million
|
| Shares: | 4,693,878
|
| Price: | $2.45
|
| Dividends: | 6.5%
|
| Conversion price: | $2.45
|
| Warrant: | For 1.5 million shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $2.45
|
| Investor: | IGT
|
| Pricing date: | Oct. 1
|
| Settlement date: | Oct. 29
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
