By Sheri Kasprzak
New York, July 2 - Vein Associates of America, Inc. sealed a $1.5 million private placement of series B convertible preferred stock.
The preferreds are convertible into common shares at $0.05 each.
The investors also received warrants for an undisclosed number of shares, exercisable at $0.10 each.
Placement agent Westminster Securities Corp. has a greenshoe for up to $500,000 in additional preferreds.
Proceeds will be used for new acquisitions, debt repayment, growth initiatives and working capital.
Orlando, Fla.-based Vein Associates develops treatments for vein diseases.
| Issuer: | Vein Associates of America, Inc.
|
| Issue: | Series B convertible preferred stock
|
| Amount: | $1.5 million
|
| Greenshoe: | For $500,000
|
| Conversion price: | $0.05
|
| Warrants: | For an undisclosed number of shares
|
| Warrant strike price: | $0.10
|
| Placement agent: | Westminster Securities Corp.
|
| Settlement date: | July 2
|
| Stock symbol: | Pink Sheets: VNAA
|
| Stock price: | $0.25 at close July 2
|
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