National Investment Managers rescinds warrants associated with $7 million PIPE, issues new warrants

By Sheri Kasprzak

New York, June 16 - National Investment Managers Inc. said it has rescinded the warrants it issued in a $7 million private placement of term notes and replaced the warrants.

The company had originally issued warrants for up to 700,000 shares, exercisable at $0.01 each through May 30, 2011. The new warrants, also for 700,000 shares, will be exercisable at $0.1667 each through May 30, 2011.

The notes and warrants were first issued to Laurus Master Fund, Ltd. on May 30. The notes bear interest at 17.5% annually, due in two tranches. The first tranche bears interest at 10% annually and the second tranche at 7.5% annually.

The notes are due May 30, 2010.

New York-based National Investment Managers acquires and manages entities that offer retirement plans and other financial services.

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