Deal sells units of a $30,000 convertible, warrant for 600,000 shares
By Devika Patel
Knoxville, Tenn., March 19 - Las Vegas Railway Express, Inc. raised $1.21 million in a private placement of units from Feb. 8 to March 15, according to an 8-K filed Tuesday with the Securities and Exchange Commission. GVC Capital LLC was the agent.
The company sold 40.2 units, with each of the units comprised of a $30,000 8% unsecured convertible note and a warrant for 600,000 common shares.
The note converts to common stock at $0.05 per share, which is a 58.33% discount to the Feb. 7 closing share price of $0.12. It is due Feb. 1, 2014.
The warrant is exercisable at $0.10 for three years. The strike price is a 16.67% discount to the Feb. 7 closing price.
The Las Vegas-based company is focused on re-establishing a rail passenger train service between Las Vegas and Los Angeles.
| Issuer: | Las Vegas Railway Express, Inc.
|
| Issue: | Units of a $30,000 8% unsecured convertible note and a warrant for 600,000 common shares
|
| Amount: | $1,205,000
|
| Units: | 40.2
|
| Price: | $30,000
|
| Coupon: | 8%
|
| Maturity: | Feb. 1, 2014
|
| Warrants: | A warrant for 600,000 shares per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price:" | $0.10
|
| Agent: | GVC Capital LLC
|
| Settlement date: | Feb. 8 to March 15
|
| Stock symbol: | OTCBB: XTRN
|
| Stock price: | $0.12 at close Feb. 7
|
| Market capitalization: | $14.85 million
|
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