By Sheri Kasprzak
Atlanta, May 18 - Omni Energy Services Corp. said it has wrapped a private placement for $5 million.
The company sold 5,000 shares of series C convertible preferred stock at $1,000 each to a group of current shareholders and executive officer, led by Dennis Sciotto, one of the company's current shareholders.
The preferreds pay annual dividends at 9% and are convertible into common shares at $1.95 each.
The investors also received warrants for up to 6.55 million shares, exercisable at prices ranging from $1.95 each to $3.50 each for five years.
So far, the company has received $3.5 million from the offering and a second tranche is expected to close on Aug. 15.
Based in Carencro, La., Omni Energy Services provides seismic drilling services to geophysical companies.
| Issuer: | Omni Energy Services Corp.
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| Issue: | Series C preferred stock
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| Amount: | $5 million
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| Shares: | 5,000
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| Price: | $1,000
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| Dividends: | 9%
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| Conversion price: | $1.95
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| Warrants: | For up to 6.55 million shares
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| Warrant expiration: | Five years
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| Warrant strike price: | From $1.95 to $3.50
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| Investors: | Dennis Sciotto (lead)
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| Settlement date: | May 18 (for $3.5 million)
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| Settlement date: | Aug. 15 (for $1.5 million)
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| Stock price: | $1.92 at close May 18
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