Proceeds to be used to acquire passenger rail service companies
By Angela McDaniels
Tacoma, Wash., April 15 - Las Vegas Railway Express, Inc., which does business as X Train Holdings, will sell up to $10 million of common stock to Ascendiant Capital Partners under a securities purchase agreement.
"We view it as a series of private placement transactions in which Ascendiant will purchase common stock at agreed-upon amounts and prices at the company's discretion as capital is needed," Michael Barron, chairman and chief executive officer of X Train, said in a company news release.
X Train plans to use capital from the facility to acquire existing passenger rail service companies and for general working capital purposes on an as-needed basis.
The Las Vegas-based company consolidates independently owned passenger rail operators and operates rail entertainment facilities.
| Issuer: | Las Vegas Railway Express, Inc.
|
| Issue: | Common stock
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| Amount: | Up to $10 million
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| Warrants: | No
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| Investor: | Ascendiant Capital Partners
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| Agreement date: | April 15
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| Stock symbol: | OTCQB: XTRN
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| Stock price: | $0.35 at close April 14
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| Market capitalization: | $2.49 million
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