By Sheri Kasprzak
New York, Nov. 1 - U.S. Helicopter Corp. said it concluded a $3 million private placement.
The company issued 3 million shares at $1.00 apiece to International Financial Advisors, KSC.
The investor also received warrants for 750,000 shares, exercisable at $1.00 each for three years.
Along with its investment, International Financial gained the right to participate in a future equity or debt securities offering conducted by U.S. Helicopter over the next two years as long as it holds at least 5% of the company's outstanding stock.
Separately, U.S. Helicopter raised another $250,000 from the private placement of 250,000 shares to four individual investors.
Proceeds from the two offerings will be used for working capital and for additional deposits for helicopters. The rest will be used to satisfy past-due obligations.
New York-based U.S. Helicopter provides helicopter transport services between Manhattan and Kennedy Airport.
| Issuer: | U.S. Helicopter Corp.
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| Issue: | Stock
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| Amount: | $3 million
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| Shares: | 3 million
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| Price: | $1.00
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| Warrants: | For 750,000 shares
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| Warrant expiration: | Three years
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| Warrant strike price: | $1.00
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| Investor: | International Financial Advisors, KSC
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| Settlement date: | Nov. 1
|
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