Aura Raises $2.5 Million in a Private Placement
Aura Raises $2.5 Million in a Private Placement
EL SEGUNDO, Calif.--(BUSINESS WIRE)-- Aura Systems, Inc. (OTCBB: AUSI) announced today that it raised $2.5 million in a private placement from one individual. $2.0 million of the private placement was in the form of a 4-year convertible note with warrants and 9.5% simple annual coupon. The investor has the right to convert the outstanding Note at any time into common shares of the Company at a conversion price of $0.50 per share. For each common share that the Note is convertible into, the investor also received a 7-year warrant with an exercise price of $0.75.
The additional $500,000 was the extension and conversion of a previously funded demand Note (funded in April 2013) to a convertible note now due in January 2014. The conversion right on this Note is set at $0.50 per common share and the seven year attached warrants have an exercise price of $0.75 per share. The interest on this note is 9.5% per year. The Company is not required to file a registration statement for any part of this financing. There were no finders associated with this placement.
For more information on Aura Systems, Inc. visit www.aurasystems.com
Aura Systems, Inc.
Melvin Gagerman, Chairman and CEO
310-643-5300 x171
mgagerman@aurasystems.com
or
Dr. Ramesh Misra, President
310-643-5300 x 271
rmisra@aurasystems.com
or
Cipora Lavut
404-539-2161
clavut@aurasystems.com
KEYWORDS: United States North America California
INDUSTRY KEYWORDS:
The article Aura Raises $2.5 Million in a Private Placement originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.
