Deer Valley buys back all series C and series E convertible preferreds

Preferreds bought back from Vicis Capital along with shares and option

By Devika Patel

Knoxville, Tenn., April 5 - Deer Valley Corp. said it repurchased all of its outstanding series C and series E convertible preferred stock, along with 1,096,291 of its common shares and a favorably priced option, from Vicis Capital Master Fund for $3.2 million.

The option allows the company to repurchase an additional 12,310,359 common shares held by Vicis and is exercisable until June 1, 2013.

"In unrelated actions also occurring during the first quarter of 2012, the last outstanding shares of the company's series A preferred stock were converted into common shares," chief financial officer Steve Lawler said in a press release. "Furthermore, during the first quarter of 2012, the company has also purchased 34,695 common shares in the open market as continuation of a share repurchase program begun in 2010.

"As a result of the actions announced herein, the company no longer has any preferred shares of any class outstanding, and the total number of common shares outstanding as of March 31, 2012 has been reduced to 16,033,744 shares."

Deer Valley is a Tampa, Fla., financing provider.

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