Investor SAH-VUL received warrants and may invest another $1 million
By Devika Patel
Knoxville, Tenn., Sept. 8 - Gulfstream International Group, Inc. settled a $1.5 million private placement of 8% secured convertible promissory notes on Sept. 8, according to an 8-K filed Wednesday with the Securities and Exchange Commission. SAH-VUL Strategic Partners I, LLC, the investor, may invest another $1 million.
Each note is due on Aug. 31, 2011 and is convertible into common shares at $0.70 per share, which represents a 2.94% premium to $0.68, the Sept. 7 closing share price.
SAH-VUL also received warrants for 750,000 common shares, which are each exercisable at $0.70 through Aug. 31, 2015.
Of the deal's proceeds, $500,000 was advanced on Sept. 8, $500,000 will be advanced on Sept. 10 and the remaining $500,000 will be advanced on Sept. 24.
Through its subsidiaries, Fort Lauderdale, Fla.-based Gulfstream operates a scheduled airline, operates a flight training academy and provides scheduled and on-demand charter services.
| Issuer: | Gulfstream International Group, Inc.
|
| Issue: | Secured convertible promissory notes
|
| Amount: | $1.5 million
|
| Maturity: | Aug. 31, 2011
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | $0.70
|
| Warrants: | For 750,000 shares
|
| Warrant expiration: | Aug. 31, 2015
|
| Warrant strike price: | $0.70
|
| Settlement date: | Sept. 8
|
| Investor: | SAH-VUL Strategic Partners I, LLC
|
| Stock symbol: | NYSE Amex: GIA
|
| Stock price: | $0.6737 at close Sept. 8
|
| Market capitalization: | $2.49 million
|
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