By Devika Patel
Knoxville, Tenn., Aug. 18 - Amacore Group, Inc. plans a $5 million private placement of its 15% senior secured convertible notes with Vicis Capital Master Fund, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The deal priced on Aug. 16, and the company raised $2.5 million at pricing.
The notes are due on June 30, 2011 and are convertible into class A common stock at an initial conversion price of $0.005 per share, a 25% premium to the Aug. 13 closing share price of $0.004.
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: | Senior secured convertible notes
|
| Amount: | $5 million
|
| Maturity: | June 30, 2011
|
| Coupon: | 15%
|
| Price: | Par
|
| Yield: | 15%
|
| Conversion price: | $0.005
|
| Warrants: | No
|
| Investor: | Vicis Capital Master Fund
|
| Pricing date: | Aug. 16
|
| Settlement date: | Aug. 16 (for $2.5 million)
|
| Stock symbol: | OTCBB: ACGI
|
| Stock price: | $0.004 at close Aug. 13
|
| Market capitalization: | $3.15 million
|
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