By Sheri Kasprzak
New York, Feb. 16 - SMF Energy Corp. closed a $3,273,855 private placement.
The offering includes 423,800 units at $7.725 each. The price per share was based upon the $1.52 closing stock price on Wednesday and $0.125 per warrant.
Each unit consists of five shares and one warrant.
The warrants are exercisable at $1.90 each for four years.
Proceeds will be used to repay $923,500 in principal on notes issued in August 2003. The rest will be used for working capital.
Headquartered in Fort Lauderdale, Fla., SMF provides distribution, transportation logistics and emergency response services to the petroleum industry.
| Issuer: | SMF Energy Corp.
|
| Issue: | Units of five shares and one warrant
|
| Amount: | $3,273,855
|
| Units: | 423,800
|
| Price: | $7.725
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Four years
|
| Warrant strike price: | $1.90
|
| Settlement date: | Feb. 15
|
| Stock symbol: | Nasdaq: FUEL
|
| Stock price: | $1.49 at close Feb. 15
|
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