CalWest Bancorp announced that it has received $14 million in funding from FIG Partners, LLC, Investment Arm, and other investors.

CalWest Bancorp (OTCPK:CALW) announced that it has received $14,000,000 in its recapitalization round of funding on December 23, 2015. The company issued 43,500,000 common shares at a price of $0.20 per share for gross proceeds of $8,700,000 and 53,000 mandatorily convertible preferred shares at a price of $100 per share for gross proceeds of $5,300,000 in the transaction. The convertible shares are convertible in to 26,500,000 shares.

The transaction was led by FIG Partners, LLC, Investment Arm, and included participation from accredited investors. A total of 53 investors were involved in the transaction. The company issued securities pursuant to exemption provided under Regulation D.