By Sheri Kasprzak
New York, Feb. 28 - Elite Flight Solutions, Inc. said it settled a private placement for $2,267,164.
The company sold 10% secured convertible debentures to Montgomery Equity Partners, Ltd.
Montgomery surrendered $1,639,034 in principal of outstanding debentures plus interest for a total of $1,700,464. The investor bought $566,700 in new debentures.
The debentures mature on Dec. 17, 2007 and are convertible into shares at 95% of the lowest volume-weighted average price of the company's stock for the 30 trading days before conversion.
For the new debentures, the investor received warrants for 200 million shares, exercisable at $0.001 for five years.
Based in Roanoke, Va., Elite Flight is a holding company for Air Network Alaska, Inc. Air Network Alaska provides air ambulance services.
Issuer: | Elite Flight Solutions, Inc.
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Issue: | Secured convertible debentures
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Amount: | $2,267,164
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Maturity: | Dec. 17, 2007
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Coupon: | 10%
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Price: | Par
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Yield: | 10%
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Conversion price: | 95% of the lowest VWAP for the company's stock for the 30 trading days before conversion
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Warrants: | For 200 million shares
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Warrant expiration: | Five years
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Warrant strike price: | $0.001
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Investor: | Montgomery Equity Partners, Ltd.
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Settlement date: | Feb. 14
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Stock symbol: | Pink Sheets: EFLT
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Stock price: | $0.001 at close Feb. 14
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