ImageWare Systems to cash in on $6.6 million
SAN DIEGO - Digital imaging and biometric identification provider ImageWare Systems said in February that it raised $6.6 million through a private placement agreement that will be used to fund the companyÃ¢â‚¬â„¢s working capital.
Ã¢â‚¬Å“The funds are an essential amendment to ImageWareÃ¢â‚¬â„¢s balance sheet, and provide the additional balance sheet strength to aggressively pursue the markets we serve,Ã¢â‚¬Â said Jim Miller, ImageWareÃ¢â‚¬â„¢s chairman and chief executive officer.
The company agreed to sell its shares of common stock and warrants, consisting of one share of common stock and a warrant to purchase 0.20 shares of common stock. The shares were priced at $3.65 each. Each warrant, first exercisable six months from today, will have a five-year term and an exercise price of $5.48 per share.
ImageWare will issue 1.8 million new shares of common stock and warrants to purchase up to approximately 360,000 shares of common stock. The Shemano Group, a San Francisco-based investment firm, served as the placement agent.