By Sheri Kasprzak
New York, July 2 - Velocity Asset Management, Inc. settled a $2.25 million private placement of convertible subordinated notes.
The 10% notes are due 2017 and are convertible into common shares at $2.50 each.
Proceeds from the deal will be used for working capital and general corporate purposes.
Based in Wall, N.J., Velocity Asset Management acquires and services distressed assets.
| Issuer: | Velocity Asset Management, Inc.
|
| Issue: | Convertible subordinated notes
|
| Amount: | $2.25 million
|
| Maturity: | 2017
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $2.50
|
| Warrants: | No
|
| Settlement date: | June 29
|
| Stock symbol: | OTCBB: VCYA
|
| Stock price: | $2.12 at close June 29
|
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