Aero Marine closes $900,000 private placement, plans second deal

By Sheri Kasprzak

Atlanta, April 20 - Aero Marine Engine Inc. said it has completed a private placement for $900,000.

The company sold 1.8 million shares at $0.50 each.

Warrants were also issued in the offering, exercisable at $3.00 each for two years. The warrants may be redeemed if the company's stock closes above $6.00 for 10 consecutive trading days. The number of warrants could not be obtained by press time Wednesday.

Aero Marine is planning a second private placement, priced at $2.00 each with a one-year warrant exercisable at $4.00. The second offering may include options to buy additional equity or debt capital.

Additional details on the latest private placement could not be determined by press time Wednesday.

Based in Portland, Ore., Aero manufactures the Axial Vector engine and the Axial-Vector engine-based transportable/mobile electric generators.

On Wednesday, the company's stock closed up $0.14 at $2.49.

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