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Mace Security International, Inc. Commences Rights Offering

Stock quotes in this article: MACE

Mace Security International, Inc. ("Mace” or the “Company”) (OTCQB: MACE) commenced a registered rights offering to its stockholders on June 30, 2011 pursuant to a Registration Statement filed with the Securities and Exchange Commission that was declared effective on June 29, 2011 (the "Rights Offering"). Pursuant to the Rights Offering, each Mace stockholder is being given the right to purchase three shares of common stock for each Mace share of common stock owned of record on June 27, 2011 (the "Record Date"), at an exercise price of $0.20 per share. A prospectus, describing the terms and conditions of the Rights Offering, has been mailed to the Company’s Record Date stockholders. All new shares that will be issued under the Rights Offering have been registered under the Securities Act of 1933, as amended. The subscription rights will expire if they are not exercised by 5:00 p.m., Eastern Daylight Time, on July 25, 2011 (25 days after the date the prospectus was mailed to stockholders), unless the Company extends the Rights Offering as set forth in the prospectus.

Dennis Raefield, Mace’s CEO and President, stated, “We are happy that we have commenced the Rights Offering and are looking forward to investing the proceeds of the offering toward our new growth strategies. We had previously announced that we planned the Rights Offering to raise capital to pay debt, fund operations and marketing efforts, and make strategic acquisitions. Our use of the proceeds is more fully described in the prospectus which should be read by our stockholders before they decide to exercise the offered rights.”

Mace will conduct an investor conference call to discuss the Rights Offering and its use of the proceeds. In addition to Company representatives, the conference call will include representatives from Ancora Securities, Inc., our dealer manager for the Rights Offering, and Merlin Partners, LP (“Merlin”). As more fully disclosed in the prospectus, Merlin has entered into a Securities Purchase Agreement dated March 25, 2011 pursuant to which Merlin and two assignees of Merlin are to purchase $4.0 million of our common stock. The date and time of the conference call will be announced at a later date.

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