By Sheri Kasprzak
New York, Nov. 20 - ImageWare Systems, Inc. wrapped a private placement of series C convertible preferred stock for 2.3 million.
The company sold 2,300 shares of the preferreds at $1,000 each to a group of accredited investors.
The preferreds are initially convertible into 1,533,333 common shares at $1.50 each.
The investors also received warrants for 115,000 shares, exercisable at $1.575 each for five years.
Proceeds will be used for working capital.
San Diego-based ImageWare develops identity management and digital imaging technologies.
| Issuer: | ImageWare Systems, Inc.
|
| Issue: | Series C convertible preferred stock
|
| Amount: | $2.3 million
|
| Shares: | 2,300
|
| Price: | $1,000
|
| Conversion price: | $1.50
|
| Conversion ratio: | Into 1,533,333 common shares
|
| Warrants: | For 115,000 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.575
|
| Settlement date: | Nov. 17
|
| Stock symbol: | Amex: IW
|
| Stock price: | $1.47 at close Nov. 17
|
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