By Devika Patel
Knoxville, Tenn., Jan. 9 - Argyle Security, Inc. said it took in $3 million from a private placement of convertible preferred shares.
The company sold 27,273 preferreds to funds managed by MML Capital Partners. Each preferred is convertible into 100 common shares at $1.10 per share. They pay 4% dividends, which will be paid by the company at any time it deems appropriate, but no later than the liquidation or conversion of the preferred, at which time the dividend would be paid in cash.
San Antonio-based Argyle is involved in the physical electronic security industry.
| Issuer: | Argyle Security, Inc.
|
| Issue: | Convertible preferred stock
|
| Amount: | $3 million
|
| Shares: | 27,273
|
| Dividends: | 4%
|
| Conversion price: | $1.10
|
| Conversion ratio: | Into 100 common shares (per preferred)
|
| Warrants: | No
|
| Settlement date: | Jan. 9
|
| Stock symbol: | OTCBB: ARGL
|
| Stock price: | $0.80 at close Jan. 8
|
| Market capitalization: | $4.78 million
|
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