ImageWare Systems, Inc. has announced that it’s going to issue 12 000 shares of the company’s Series E Convertible Preferred Stocks at $1000 per share to certain investors. The biometric identity management solutions provider hopes to use the proceeds to pay off its debt and invest in some research and development.
ImageWare has been pretty busy with corporate strategizing lately. In late November of last year, it extended its credit line to $5 million, and in early December the company appointed a new Senior Vice President of Sales and Marketing to help shape the company’s brand and accelerate growth. On top of those tactical moves, the company has also found a lot of success in securing distribution and licensing deals for its technology.
The company says that it’s hoping to close the shares offering by February 4th, and estimates that the proceeds will bring in about $10 million. It says that with that money, it will pay off its entire debt.