Samuels Jewelers Announces Private Equity Placement Totaling $13.0 Million
AUSTIN, Texas--(BUSINESS WIRE)--Aug. 7, 2000--Samuels Jewelers, Inc., (OTCBB:SMJW), one of America's largest specialty retailers of fine jewelry, today announced that it has raised in excess of $13.0 million in a private placement of newly issued common stock.
"Due to the tremendous growth rate during our fiscal year 2000, we approached certain existing stockholders and other accredited investors with the opportunity to invest, or to increase their investment, in Samuels common stock," said Randy McCullough, President and Chief Executive Officer. "The success of this private placement is a strong vote of confidence in our management team and its continuing efforts to build Samuels Jewelers into a national brand," continued McCullough.
Samuels' management team also participated in this private placement by purchasing 364,000 shares, partially financed by notes payable to the Company. In total, the Company issued 2,795,940 new common shares at $5.25 per share, bringing total common stock outstanding to 7,949,840 shares as of July 31, 2000. |
