ImageWare Systems to cash in on $6.6 million
February 5, 2004
SAN DIEGO - Digital imaging and biometric identification provider ImageWare Systems said Tuesday that it raised $6.6 million through a private placement agreement that will be used to fund the company's working capital.
"The funds are an essential amendment to ImageWare's balance sheet, and provide the additional balance sheet strength to aggressively pursue the markets we serve,"said Jim Miller, ImageWare'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.