NELX raises $3 million in private placement of preferred stock

By Sheri Kasprzak

New York, Oct. 6 - NELX, Inc. said it has raised $3 million in a private placement of series A and series B preferred stock to pay for its acquisition of West Virginia First and Casualty Co. from The Celina Mutual Insurance Co.

Neither series of preferreds has been designated by NELX's board of directors.

The full details of the preferreds could not be determined by press time Thursday.

The investors for the offering will receive warrants for 13 million shares, exercisable at $0.001 each.

Based in Charleston, W.Va., NELX is an investment manager and adviser.

NELX's stock remained unchanged at $0.007 Thursday.

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