New York, Feb. 21 - Airtrax, Inc. said it has sold a $3.734 million private placement of secured convertible debentures.
The debentures mature Feb. 20, 2009 and are convertible into common shares $0.45 each
The investors also received warrants for 8,297,866 shares at $0.54 each, callable warrants for 4,148,933 shares at $0.75 each and callable warrants for 4,148,933 shares at $1.25 each.
Airtrax can call the convertibles at 150% of par.
First Montauk Securities Corp. was placement agent.
Based in Hammonton, N.J., Airtrax develops and manufactures a wheel capable of turning in every direction.
| Issuer: | Airtrax, Inc.
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| Issue: | secured convertible debentures
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| Amount: | $3.734 million
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| Maturity: | Feb. 20, 2009
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| Conversion price: | $0.45
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| Warrants: | For 8,297,866 shares at $0.54 each, callable warrants for 4,148,933 shares at $0.75 each and callable warrants for 4,148,933 shares at $1.25 each
|
| Settlement date: | Feb. 20
|
| Stock price: | $0.68 at close Feb. 20
|
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