By Devika Patel
Knoxville, Tenn., July 2 - Amacore Group, Inc. completed a $4.5 million private placement of its 6% series L convertible preferred stock on June 29, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 450 preferreds to Vicis Capital Master Fund.
Vicis also received warrants for 50,625,000 class A common shares.
The preferreds are convertible at $0.01 per common share and are subject to mandatory conversion after July 15, 2011.
Based in Tampa, Fla., Amacore provides health-related membership benefit programs, insurance programs and other services to individuals, families and employer groups in the United States.
Issuer: | Amacore Group, Inc.
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Issue: | Series L convertible preferred stock
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Amount: | $4.5 million
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Shares: | 450
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Dividends: | 6%
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Conversion price: | $0.01
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Warrants: | For 50,625,000 shares
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Investor: | Vicis Capital Master Fund
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Settlement date: | June 29
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Stock symbol: | OTCBB: ACGI
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Stock price: | $0.05 at close June 29
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Market capitalization: | $51.5 million
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