By Sheri Kasprzak
New York, May 16 - Vita Food Products, Inc. entered into a private placement agreement for $3 million.
Howard Bedford, a member of the company's board, agreed to buy 2.4 million shares at $1.25 each.
Bedford will also receive warrants for 2 million shares.
Of the warrants, 500,000 are exercisable at $1.25 each for two years; 500,000 are exercisable at $1.50 each for three years; 500,000 are exercisable for $1.50 each for four years; and 500,000 are exercisable at $1.75 each for five years.
Chicago-based Vita markets condiments and seafood products.
| Issuer: | Vita Food Products, Inc.
|
| Issue: | Stock
|
| Amount: | $3 million
|
| Shares: | 2.4 million
|
| Price: | $1.25
|
| Warrants: | For 2 million shares
|
| Warrant expiration: | Two years for 500,000 shares; three years for 500,000 shares; four years for 500,000 shares; five years for 500,000 shares
|
| Warrant strike price: | $1.25 for two-year warrants; $1.50 for three-year and four-year warrants; $1.75 for five-year warrants
|
| Investor: | Howard Bedford
|
| Announcement date: | May 16
|
| Stock symbol: | Amex: VSF
|
| Stock price: | $1.67 at close May 16
|
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