By Sheri Kasprzak
Atlanta, April 15 - AssuranceAmerica Corp. said it has raised $2.38 million in a private placement.
The company sold 342,000 series A convertible preferred shares at $5.00 each to Heritage Assurance Partners LP. The company sold an additional 134,000 preferreds to other investors at the same price for an additional $670,000. The investors in the additional preferreds include Traditions Investments LP, Milendol LP, William Brooks Irrevocable Trust, Mildred M. Montague Education Trust, William Aiken, Greg Voges, Jay Brooks, Jay Brooks IRA, Mary Ezell, Howard Bickerstaff III IRA, Richard Moore IRA, Carolyn King, Carrington Montague, Victor Serodino, James Halstead, Ricky Moore and George McGee.
The preferreds are initially convertible into common shares at $0.50 each. The preferreds do not pay dividends.
Based in Atlanta, AssuranceAmerica is a property and casualty insurance company.
| Issuer: | AssuranceAmerica Corp.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $2.38 million
|
| Shares: | 476,000
|
| Price: | $5.00
|
| Conversion price: | $0.50
|
| Warrants: | No
|
| Investors: | Heritage Assurance Partners LP; Traditions Investments LP; Milendol LP; William Brooks Irrevocable Trust; Mildred M. Montague Education Trust; William Aiken; Greg Voges; Jay Brooks; Jay Brooks IRA; Mary Ezell; Howard Bickerstaff III IRA; Richard Moore IRA; Carolyn King; Carrington Montague; Victor Serodino; James Halstead; Ricky Moore; and George McGee
|
| Settlement date: | April 14
|
| Stock price: | $0.90 at close April 14
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
