By Devika Patel
Knoxville, Tenn., Jan. 13 - Amacore Group, Inc. has an informal agreement for a $4 million private placement of its series I convertible preferred stock, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The deal was arranged on Jan. 7 and the company has already received the proceeds, but has yet to issue the securities.
The company will issue 400 preferreds to Vicis Capital Master Fund.
Vicis also will receive warrants for 45 million class A common shares.
As previously reported, the company settled a $2.5 million private placement of preferreds with Vicis in November.
Based in Tampa, Fla., Amacore provides health-related membership benefit programs and insurance programs to individuals, families and employer groups in the United States.
| Issuer: | Amacore Group, Inc.
|
| Issue: | Series I convertible preferred stock
|
| Amount: | $4 million
|
| Shares: | 400
|
| Warrants: | For 45 million shares
|
| Investor: | Vicis Capital Master Fund
|
| Pricing date: | Jan. 7
|
| Stock symbol: | OTCBB: ACGI
|
| Stock price: | $0.11 at close Jan. 7
|
| Market capitalization: | $16.9 million
|
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