By Sheri Kasprzak
New York, Feb. 1 - Aura Systems, Inc. wrapped a private placement of units for $1.5 million.
The company sold 1,648,351 units at $0.91 each.
The units include one share and one warrant for two-tenths of a share. Each whole warrant is exercisable at $3.00 for the first year, at $3.50 for the next year and at $4.00 for the remaining three years.
Proceeds will be used for working capital.
El Segundo, Calif.-based Aura manufactures a mobile power system used in military and industrial applications.
| Issuer: | Aura Systems, Inc.
|
| Issue: | Units of one share and one warrant for two-tenths of a share
|
| Amount: | $1.5 million
|
| Units: | 1,648,351
|
| Price: | $0.91
|
| Warrants: | One warrant for two-tenths of a share per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $3.00 for the first year; $3.50 for the second year; $4.00 for the remaining three years
|
| Settlement date: | Feb. 1
|
| Stock symbol: | Pink Sheets: AUSI
|
| Stock price: | $0.72 at close Jan. 31
|
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