By Laura Lutz
Des Moines, Dec. 4 - National Investment Managers Inc. raised $3 million from a private placement of stock, according to an 8-K filing with the Securities and Exchange Commission.
The company also issued 10-year warrants for 11,485,578 shares in connection with a $12 million offering of 15% subordinated senior secured notes due Jan. 11, 2011.
Valens U.S. SPV I, LLC and Valens Offshore SPV I, Ltd. bought 6 million shares in the stock placement for $0.50 per share.
Of the warrants in the note financing, 5,742,789 have a strike price of $0.50, 3,828,527 have a strike price of $1.00 and 1,914,262 have a strike price of $1.50.
Woodside Capital Partners IV, LLC; Woodside Capital Partners IV QP, LLC; and Lehman Brothers Commercial Bank were the investors in the note financing.
Proceeds from the note offering will be used to retire debt held by Laurus Master Fund Ltd. and its affiliates.
National Investment Managers is a retirement services, pension administration and investment management business with headquarters in Dublin, Ohio.
Stock
| Issuer: | National Investment Managers Inc.
|
| Issue: | Stock
|
| Amount: | $3 million
|
| Shares: | 6 million
|
| Price: | $0.50
|
| Warrants: | No
|
| Investor: | Valens U.S. SPV I, LLC; Valens Offshore SPV I, Ltd.
|
| Settlement date: | Nov. 30
|
| Stock symbol: | OTCBB: NIVM
|
| Stock price: | $0.65 at close Nov. 30
|
|
|
| Notes and warrants
|
| Issuer: | National Investment Managers Inc.
|
| Issue: | Subordinated senior secured notes
|
| Amount: | $12 million
|
| Maturity: | Jan. 11, 2011
|
| Coupon: | 15%
|
| Price: | Par
|
| Yield: | 15%
|
| Warrants: | For 11,485,578
|
| Warrant expiration: | Ten years
|
| Warrant strike price: | $0.50 for 5,742,789; $1.00 for 3,828,527; $1.50 for 1,914,262
|
| Investors: | Woodside Capital Partners IV, LLC; Woodside Capital Partners IV QP, LLC; Lehman Brothers Commercial Bank
|
| Settlement date: | Nov. 30
|
| Stock symbol: | OTCBB: NIVM
|
| Stock price: | $0.65 at close Nov. 30
|
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