By Sheri Kasprzak
New York, Oct. 24 - Airtrax, Inc. said it has settled a private placement of 8% series C unsecured convertible debentures for $1 million.
The debentures mature Oct. 18, 2007 and are convertible into common shares $2.00 each
The maturity of the debentures may be extended to April 18, 2008, if the company's stock trades below $2.00 on the maturity date.
The investors also received warrants for 500,000 shares, exercisable at $3.25 each for five years.
Based in Hammonton, N.J., Airtrax develops and manufactures a wheel capable of turning in every direction.
| Issuer: | Airtrax, Inc.
|
| Issue: | Series C unsecured convertible debentures
|
| Amount: | $1 million
|
| Maturity: | Oct. 18, 2007
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | $2.00
|
| Warrants: | For 500,000 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $3.25
|
| Settlement date: | Oct. 18
|
| Stock price: | $3.04 at close Oct. 18
|
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