Investor Precious Capital also gets 9,694,128 restricted common shares
By Devika Patel
Knoxville, Tenn., April 26 - Viper Powersports, Inc. said its subsidiary Viper Motorcycle Co. negotiated a $6 million 15% three-year secured credit facility with Precious Capital, LLC.
In addition, Precious Capital received 9,694,128 Viper restricted common shares as a loan inducement compensation.
"Precious Capital has helped us kick-start our Viper Diamondback production line," chief financial officer Timothy Kling said in a press release. "We believe this capital infusion will allow Viper to expand its limits on the amount of inventory the company can carry. In addition, we will now be able to fund our product lines expansion."
Based in Auburn, Ala., Viper Powersports makes custom motorcycles and associated products.
| Issuer: | Viper Powersports, Inc.
|
| Issue: | Secured credit facility, 9,694,128 common shares
|
| Amount: | $6 million
|
| Maturity: | Three years
|
| Coupon: | 15%
|
| Warrants: | No
|
| Investor: | Precious Capital, LLC
|
| Settlement date: | April 26
|
| Stock symbol: | Pink Sheets: VPWI
|
| Stock price: | $0.27 at close April 25
|
| Market capitalization: | $8.31 million
|
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