By Sheri Kasprzak
New York, May 1 - Gilman + Ciocia, Inc. intends to close a $4 million private placement of stock.
The company sold 40 million shares to Wynnefield Small Cap Value Offshore Fund, Ltd., Wynnefield Partners Small Cap Value, LP, Wynnefield Partners Small Cap Value, LP I and WebFinancial Corp.
Completion of the deal is contingent upon the company's shareholders approving an increase in the capital stock by 500 million shares. The closing must take place by Oct. 31.
Once the deal closes, the company will repay a loan for $2.375 million with Met Life Insurance Co.
Based in Poughkeepsie, N.Y., Gilman + Ciocia is a financial planning company.
| Issuer: | Gilman + Ciocia, Inc.
|
| Issue: | Stock
|
| Amount: | $4 million
|
| Shares: | 40 million
|
| Price: | $0.10
|
| Warrants: | No
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| Investors: | Wynnefield Small Cap Value Offshore Fund, Ltd., Wynnefield Partners Small Cap Value, LP, Wynnefield Partners Small Cap Value, LP I, WebFinancial Corp.
|
| Announcement date: | May 1
|
| Stock symbol: | Pink Sheets: GTAX
|
| Stock price: | $0.05 at close May 1
|
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