EVCI CAREER COLLEGES INCORPORATED
(Exact name of registrant as specified in its charter)
| Delaware | 001-14827 | 06-1488212 |
|
(State
of other jurisdiction
of
incorporation) |
(Commission
File
Number) |
(IRS
Employer
Identification
No.) |
On March 29, 2004, EVCI sold 1,038,962 shares of its common stock to institutional buyers. EVCI received gross proceeds of $10,000,000 ($9.625 per share) and net proceeds of approximately $9,345,000.
Expenses included a placement fee of (i) $600,000 and (ii) the issuance of warrants to purchase 62,338 shares of EVCI’s common stock. The warrants are initially exercisable at $14.338 per share, subject to antidilution adjustments.
EVCI can use the net proceeds for working capital and general corporate purposes, but not the repayment of debt of EVCI or any of its subsidiaries.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
| Exhibit No. | Description of Exhibit |
| 4.1 | Common Stock Warrant issued to placement agent. |
| 10.1 |
Form of Securities Purchase Agreement dated March 29, 2004, by and among registrant
and each buyer named in the Schedule of Buyers thereto. |
| 10.2 | Form of Registration Rights Agreement dated March 29, 2004, by and among registrant
and each buyer named in the Schedule of Buyers thereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report to be signed on its behalf by the undersigned hereunto duly authorized.
| EVCI CAREER COLLEGES INCORPORATED | ||
| Dated: March 31, 2004 | By: | /s/ Dr. John J. McGrath |
Name:
Dr. John J. McGrath
Title:
Chief Executive Officer and President |
||
| Exhibit No. | Description of Exhibit |
| 4.1 | Common Stock Warrant issued to placement agent. |
| 10.1 |
Form of Securities Purchase Agreement dated March 29, 2004, by and among
registrant and each buyer named in the Schedule of Buyers thereto. |
| 10.2 | Form of Registration Rights Agreement dated March 29, 2004, by and among
registrant and each buyer named in the Schedule of Buyers thereto. |