By Sheri Kasprzak
New York, Dec. 26 - National Investment Managers, Inc. closed a private placement for $1.675 million.
The company issued 16,750 shares of series E cumulative convertible preferred stock at $100.00 each to a group of accredited investors.
Each 12% preferred is convertible into 200 common shares at $0.50 each.
The investors also received warrants for 1.675 million shares, exercisable at $0.50 each for seven years.
Westminster Securities Corp. was the placement agent.
Based in New York, National Investment Managers is a retirement services, pension administration and investment management company.
Issuer: | National Investment Managers, Inc.
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Issue: | Series E cumulative convertible preferred stock
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Amount: | $1.675 million
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Shares: | 16,750
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Price: | $100.00
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Dividends: | 12%
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Conversion price: | $0.50
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Conversion ratio: | Each preferred into 200 common shares
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Warrants: | For 1.675 million shares
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Warrant expiration: | Seven years
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Warrant strike price: | $0.50
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Placement agent: | Westminster Securities Corp.
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Settlement date: | Dec. 21
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Stock symbol: | OTCBB: NIVM
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Stock price: | $0.35 at close Dec. 21
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