By Sheri Kasprzak
Atlanta, May 2 - Aero Marine Engine Inc. said it has closed the $400,000 first tranche of its previously announced $4 million private placement.
The company sold 200,000 shares at $2.00 each to Alliance Capital Management LP.
Alliance has agreed to buy shares in nine additional tranches at prices to be determined based on 75% of the 10-day trading average over nine successive months.
In other news, Aero Marine closed its previously announced $900,000 offering of 1.8 million units at C$0.50 each.
The units include one share and one warrant, exercisable at $3.00 each for two years.
Based in Portland, Ore., Aero manufactures the Axial Vector engine and the Axial-Vector engine-based transportable/mobile electric generators.
| Issuer: | Aero Marine Engine Inc.
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| Issue: | Stock
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| Amount: | $400,000
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| Shares: | 200,000
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| Price: | $2.00
|
| Warrants: | No
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| Investor: | Alliance Capital Management LP
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| Settlement date: | April 25
|
| Stock price: | $6.05 at close April 25
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