By Sheri Kasprzak
New York, Oct. 20 - Tri-S Security Corp. said it raised another $1,575,000 in a private placement of convertible promissory notes.
The 10% notes mature Oct. 14, 2008 and are convertible into shares at $4.80 each.
The investors also received warrants for 164,063 shares, exercisable at $4.80 each for three years.
On Sept. 30, the company sold $1.1 million of the notes under the same terms.
Based in Alpharetta, Ga., Tri-S provides contract security guard services to U.S. government agencies.
| Issuer: | Tri-S Security Corp.
|
| Issue: | Convertible promissory notes
|
| Amount: | $1,575,000
|
| Maturity: | Oct. 14, 2008
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $4.80
|
| Warrants: | For 164,063 shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $4.80
|
| Settlement date: | Oct. 14
|
| Stock price: | $4.84 at close Oct. 14
|
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