New Issue: Gulfstream International sells $1.04 million of preferreds in placement

By Devika Patel

Knoxville, Tenn., April 5 - Gulfstream International Group, Inc. completed a $1.04 million private placement of 12% series A convertible preferred stock on March 31, according to an 8-K filed Monday with the Securities and Exchange Commission.

The company sold 118,500 preferreds with a stated value of $10.00 apiece. The preferreds are convertible into an aggregate of 1,185,000 common shares.

Investors also received warrants for 592,500 shares, which are exercisable at $1.75 until March 31, 2013.

Gulfstream, based in Fort Lauderdale, Fla., is a holding company.

Issuer:	Gulfstream International Group, Inc.
Issue:	Series A convertible preferred stock
Amount:	$1,043,000
Shares:	118,500
Dividends:	12%
Conversion ratio:	Into 1,185,000 shares
Warrants:	For 592,500 shares
Warrant expiration:	March 31, 2013
Warrant strike price:	$1.75
Settlement date:	March 31
Stock symbol:	Amex: GIA
Stock price:	$1.16 at close March 31
Market capitalization:	$4.16 million

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