By Sheri Kasprzak
New York, May 16 - Aura Systems, Inc. settled a $5.6 million private placement.
The company issued 6,153,846 units at $0.91 each.
The units consist of one share and one warrant for two-tenths of a share. The whole warrants are exercisable for five years: at $3.00 each for the first year, at $3.50 each for the second year and at $4.00 each for the remaining three years.
Based in El Segundo, Calif., Aura Systems develops power-generation systems.
| Issuer: | Aura Systems, Inc.
|
| Issue: | Units of one share and one warrant for two-tenths of a share
|
| Amount: | $5.6 million
|
| Units: | 6,153,846
|
| Price: | $0.91
|
| Warrants: | 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 thereafter
|
| Settlement date: | May 16
|
| Stock symbol: | Pink Sheets: AUSI
|
| Stock price: | $1.38 at close May 16
|
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