8% notes due 2014, three-year warrants sold through agent GVC Capital
By Devika Patel
Knoxville, Tenn., April 12 - Las Vegas Railway Express, Inc. settled a $1.1 million private placement of unsecured convertible notes from March 16 to April 11, according to an 8-K filed Friday with the Securities and Exchange Commission. GVC Capital LLC was the agent.
The 8% note is due on Feb. 1, 2014 and is convertible into common shares at $0.05 per share, which is a 54.55% discount to the March 15 closing share price of $0.11.
Investors also received warrants for 19.9 million shares. The warrants are each initially exercisable for three years at $0.10, which is a 9.09% discount to the March 15 closing share 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: | Unsecured convertible note
|
| Amount: | $1,095,000
|
| Maturity: | Feb. 1, 2014
|
| Coupon: | 8%
|
| Conversion price: | $0.05
|
| Warrants: | For 19.9 million shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.10
|
| Agent: | GVC Capital LLC
|
| Settlement date: | From March 16 to April 11
|
| Stock symbol: | OTCBB: XTRN
|
| Stock price: | $0.11 at close March 15
|
| Market capitalization: | $13.86 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
