By Sheri Kasprzak
New York, April 4 - U.S. Helicopter Corp. sold $1.1 million in convertible debentures to Cornell Capital Partners, LP.
The 12% debentures are due June 30, 2007 and are convertible at the lesser of $1.45 and 95% of the lowest volume weighted average price of the company's stock for the 30 trading days before conversion.
Cornell also received warrants for 155,481 shares. Of the warrants, 47,827 are exercisable at $1.15 each; 40,741 are exercisable at $1.35 each; 35,484 are exercisable at $1.55 each; and 31,429 are exercisable at $1.75 each. All of the warrants expire in five years.
Proceeds will be used for working capital.
New York-based U.S. Helicopter provides helicopter shuttle service between the Downtown Manhattan Heliport and Kennedy Airport.
| Issuer: | U.S. Helicopter Corp.
|
| Issue: | Convertible debentures
|
| Amount: | $1.1 million
|
| Maturity: | June 30, 2007
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Conversion price: | The lesser of $1.45 and 95% of the lowest VWAP for the 30 trading days before conversion
|
| Warrants: | For 155,481 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.15 for 47,827 warrants; $1.35 for 40,741 warrants; $1.55 for 35,484 warrants; $1.75 for 31,429 warrants
|
| Investor: | Cornell Capital Partners, LP
|
| Settlement date: | March 30
|
| Stock symbol: | OTCBB: USHP
|
| Stock price: | $1.03 at close March 30
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
