By Sheri Kasprzak
New York, Sept. 27 - National Investment Managers Inc. settled a private placement of series D cumulative convertible preferred stock for $2,265,000.
The company issued 226,500 shares of the preferreds at $10.00 each to six accredited investors.
Each 12% preferred is convertible into 20 common shares.
The investors also received warrants for 10 shares for every share of preferred stock purchased in the offering. Each warrant is exercisable at $0.50 for seven years.
New York-based National Investment Managers acquires and manages entities that offer retirement plans and other financial services.
| Issuer: | National Investment Managers Inc.
|
| Issue: | Series D cumulative convertible preferred stock
|
| Amount: | $2,265,000
|
| Shares: | 226,500
|
| Price: | $10.00
|
| Dividends: | 12%
|
| Conversion ratio: | Each preferred into 20 common shares
|
| Warrants: | For 10 shares for every preferred
|
| Warrant expiration: | Seven years
|
| Warrant strike price: | $0.50
|
| Settlement date: | Sept. 21
|
| Stock symbol: | OTCBB: NIVM
|
| Stock price: | $0.50 at close Sept. 27
|
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