Aura Completes the Initial Closing of a Financing and Conversion of Demand Notes into Secured Conver
May 10th 2013 9:47AM
Updated May 10th 2013 10:40AM
Aura Completes the Initial Closing of a Financing and Conversion of Demand Notes into Secured Convertible Notes
EL SEGUNDO, Calif.--(BUSINESS WIRE)-- Aura Systems, Inc. (OTCBB:AUSI) announced today that it closed on $2,395,700 financing which consisted of the conversion of $1,645,700 of previously issued demand notes plus accrued interest and $750,000 of new funds.
The financing is in the form of senior secured convertible notes with warrants. The conversion price on the notes is $0.75 per common share and the warrant exercise price is $0.75.
Mr. Melvin Gagerman, Aura's CEO said, "We have retained an investment banker to help with our long term strategic planning and financial needs. The funds from this raise as well as other future planned initiatives, if completed, will provide the required capital to complete our management transition and provide the required financial resources to execute on our business plan for the current fiscal year and beyond."
Dr. Ramesh Misra, Aura's president said, "The infusion of new capital will allow the Company to pursue our growth plan. The immediate main focus of the Company's business for the current year is military applications and electric transport refrigeration. This will start us on our mission to provide the world's most effective fully integrated mobile electric power solution."
For more information on Aura Systems, Inc. visit www.aurasystems.com.
Aura Systems, Inc.
Melvin Gagerman, Chairman and CEO
Dr. Ramesh Misra, President
310-643-5300 x 271
Cipora Lavut, 404-539-2161
KEYWORDS: ¬† United States¬† North America¬† California
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