Lehman Trikes cancels C$2 million private placement

By Sheri Kasprzak

New York, Nov. 22 - Lehman Trikes, Inc. said it has terminated its previously announced C$2 million private placement.

"Given the company's current financial prospects, the company has decided to postpone carrying out that private placement and, instead, to complete a smaller financing to provide it with working capital for the short term," said a statement from Lehman Trikes released Tuesday morning.

The private placement had comprised up to 8 million shares at C$0.25 apiece.

The offering was announced Sept. 16.

Instead, the company plans to raise up to C$400,000 through a convertible debenture offering. The 5% debentures mature in two years and are convertible at C$0.25 each.

Based in Westlock, Alta., Lehman Trikes manufactures turnkey trikes, conversion kits and accessories.

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