By Sheri Kasprzak
New York, Dec. 26 - National Investment Managers, Inc. closed a private placement for $1.675 million.
The company issued 16,750 shares of series E cumulative convertible preferred stock at $100.00 each to a group of accredited investors.
Each 12% preferred is convertible into 200 common shares at $0.50 each.
The investors also received warrants for 1.675 million shares, exercisable at $0.50 each for seven years.
Westminster Securities Corp. was the placement agent.
Based in New York, National Investment Managers is a retirement services, pension administration and investment management company.
| Issuer: | National Investment Managers, Inc.
|
| Issue: | Series E cumulative convertible preferred stock
|
| Amount: | $1.675 million
|
| Shares: | 16,750
|
| Price: | $100.00
|
| Dividends: | 12%
|
| Conversion price: | $0.50
|
| Conversion ratio: | Each preferred into 200 common shares
|
| Warrants: | For 1.675 million shares
|
| Warrant expiration: | Seven years
|
| Warrant strike price: | $0.50
|
| Placement agent: | Westminster Securities Corp.
|
| Settlement date: | Dec. 21
|
| Stock symbol: | OTCBB: NIVM
|
| Stock price: | $0.35 at close Dec. 21
|
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