By Devika Patel
Knoxville, Tenn., June 24 - Air Industries Group, Inc. took in $2.95 million in a private placement of junior subordinated notes on June 23, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The notes mature on May 31, 2010.
Interest will be payable at monthly at a rate of 2% per month for the first three months and at 3% thereafter.
The investors also received 983,324 common shares.
Taglich Brothers, Inc. was the agent.
Proceeds will be used for working capital.
Bay Shore, N.Y.-based Air Industries is an aerospace and defense company.
| Issuer: | Air Industries Group, Inc.
|
| Issue: | Junior subordinated notes
|
| Amount: | $2.95 million
|
| Maturity: | May 31, 2010
|
| Coupon: | 2% per month for the first three months, 3% thereafter
|
| Price: | Par
|
| Yield: | 2% per month for the first three months, 3% thereafter
|
| Warrants: | No
|
| Agent: | Taglich Brothers, Inc.
|
| Settlement date: | June 23
|
| Stock symbol: | OTCBB: AIRI
|
| Stock price: | $0.20 at close June 23
|
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