By Sheri Kasprzak
New York, May 12 - MRU Holdings, Inc. completed a $4 million private placement of series B convertible preferred stock.
MRU sold 1,052,632 shares of the preferred stock at $3.80 each.
The 6% preferreds are convertible into common shares at the same price of $3.80 each.
Investors will also receive warrants for 342,106 shares of series B preferred stock. The warrants are exercisable at $3.80 each through Feb. 13, 2009.
The offering was a follow-on deal to the $25 million placement that closed Feb. 14.
The buyers were Lehman Brothers Global Trading Strategies Group and investors led by Keane Advisors.
Proceeds will be used for the company's growth strategy in the student loan market.
Based in New York, MRU is a finance company that provides loans to students for higher education.
| Issuer: | MRU Holdings, Inc.
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| Issue: | Series B convertible preferred stock
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| Amount: | $4 million
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| Shares: | 1,052,632
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| Price: | $3.80
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| Dividends: | 6%
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| Conversion price: | $3.80
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| Warrants: | For 342,106 series B preferreds
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| Warrant expiration: | Feb. 13, 2009
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| Warrant strike price: | $3.80
|
| Settlement date: | May 9
|
| Stock symbol: | OTCBB: MHOI
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| Stock price: | $6.00 at close May 9
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