San Diego-based multi-modal biometric security firm Imageware has announced it will issue 12,000 shares of “Series E Convertible Preferred Stock” to certain investors at a price of $1,000 per share, with each share convertible into 526.32 shares of its Common Stock at $1.90 per share.Approximately 2,000 shares will be issued in consideration for the exchange by ImageWare's largest shareholder and a director of certain indebtedness of ImageWare totaling approximately $2.0 million.The firm says the offering is anticipated to close on or before 4 February, and result in gross proceeds to ImageWare of approximately $10 million.”Imageware intends to use the proceeds from the offering for research and development, working capital, repayment of certain indebtedness and other general corporate purposes,” wrote the company in a statement.
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