By Sheri Kasprzak
New York, Dec. 6 - Datrek Miller International, Inc. said it completed a private placement of series B convertible preferred stock for $2 million.
Stanford International Bank Ltd. bought 1 million shares of the preferreds at $2.00 each and agreed to buy 500,000 additional preferred shares at the same price before the end of the month.
The preferreds are convertible into common shares at $2.00 each and do not pay annual dividends.
The investor received warrants for 600,000 shares, exercisable at $2.00 each for five years and will receive another 300,000 warrants once the additional preferreds have been purchased.
Stanford has the option to buy up to 2.5 million additional shares of the preferreds and up to 1.5 million warrants in the next two years.
Proceeds will be used for working capital and potential acquisitions.
Based in Springfield, Tenn., Datrek Miller supplies products and services to the gold industry.
| Issuer: | Datrek Miller International, Inc.
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| Issue: | Series B convertible preferred stock
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| Amount: | $2 million
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| Shares: | 1 million
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| Price: | $2.00
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| Conversion price: | $2.00
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| Warrants: | For 600,000 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $2.00
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| Investor: | Stanford International Bank Ltd.
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| Settlement date: | Nov. 30
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| Stock price: | $2.20 at close Nov. 30
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