By Sheri Kasprzak
Atlanta, April 1 - Superior Galleries Inc. said it has closed a private placement for $2.5 million.
The company sold 2.5 million shares of series E convertible preferred stock at $1.00 each to Stanford International Bank Ltd. and Stanford Financial Group Co.
The preferreds are convertible into common shares at $6.00 each.
The proceeds from the offering will be used to repay a $2.5 million loan from Stanford Financial.
Based in Beverly Hills, Calif., Superior Galleries sells rare coins on a retail and wholesale basis.
| Issuer: | Superior Galleries Inc.
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| Issue: | Series E convertible preferred stock
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| Amount: | $2.5 million
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| Shares: | 2.5 million
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| Price: | $1.00
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| Conversion price: | $6.00
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| Warrants: | No
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| Investors: | Stanford International Bank Ltd. and Stanford Financial Group Co.
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| Settlement date: | March 31
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| Stock price: | $4.20 at close March 31
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