By Sheri Kasprzak
Atlanta, May 10 - American Pallet Leasing, Inc. said it has received an equity line for up to $5 million from Brittany Capital Management Ltd.
The company may sell shares to Brittany Capital at 93% of the three lowest closing bid prices during the 10 trading days immediately before notice.
Brittany Capital may not own more than 4.99% of the company's outstanding stock.
Brittany Capital also purchased a $250,000 note from American Pallet. The note bears interest at 8% annually, matures Sept. 27, 2005 and is secured by 600,000 common shares owned by the company's president and chief executive officer.
Under the terms of the note agreement, at least half of the proceeds from the equity line must be used to repay the note while it is outstanding.
Based in Cedar Rapids, Iowa, American Pallet manufactures and leases steel pallets for the material-handling industry.
| Issuer: | American Pallet Leasing, Inc.
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| Issue: | Standby equity distribution agreement
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| Amount: | $5 million
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| Price: | 93% of the three lowest closing bid prices 10 trading days before notice
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| Warrants: | No
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| Investor: | Brittany Capital Management Ltd.
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| Settlement date: | April 28
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| Stock price: | $0.65 at close April 28
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