Aura Completes the Initial Closing of a Financing and Conversion of Demand Notes into Secured Conver

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
310-643-5300 x171
mgagerman@aurasystems.com
or
Dr. Ramesh Misra, President
310-643-5300 x 271
rmisra@aurasystems.com
or
Cipora Lavut, 404-539-2161
clavut@aurasystems.com

KEYWORDS:   United States  North America  California

INDUSTRY KEYWORDS:

The article Aura Completes the Initial Closing of a Financing and Conversion of Demand Notes into Secured Convertible Notes originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Learn about investing from the comfort of your own home.

Portfolio Basics

Take the first steps to building your portfolio.

View Course »

Investment Strategies

Learn the strategies you need to build a winning portfolio

View Course »

Add a Comment

*0 / 3000 Character Maximum