By Sheri Kasprzak
New York, Oct. 6 - Tri-S Security Corp. said it has wrapped a $1.1 million private placement of convertible promissory notes.
The 10% notes mature on Sept. 30, 2008 and are initially convertible into common shares at $4.80 each.
The investors also received warrants for 114,583 shares, exercisable at $4.80 each through Sept. 30, 2008.
Based in Alpharetta, Ga., Tri-S provides contract security guard services to U.S. government agencies.
| Issuer: | Tri-S Security Corp.
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| Issue: | Convertible promissory notes
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| Amount: | $1.1 million
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| Maturity: | Sept. 30, 2008
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| Coupon: | 10%
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| Price: | Par
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| Yield: | 10%
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| Conversion price: | $4.80
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| Warrants: | For 114,583 shares
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| Warrant expiration: | Sept. 30, 2008
|
| Warrant strike price: | $4.80
|
| Settlement date: | Sept. 30
|
| Stock price: | $5.00 at close Sept. 30
|
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