SmarTire completes $1.8 million in financing
SmarTire Systems Inc. has completed the sale of the third and last convertible debenture to be sold pursuant to the terms of the securities purchase agreement dated Jan. 23, 2007. (See "SmarTire reports additional $1.8 million in financing," Jan. 27, 2007.)
The terms of this convertible debenture are disclosed in the company's Form 8-K, filed with the Securities and Exchange Commission on Thursday, March 8.
"With a number of recent successes behind us, the proceeds from this financing will be used for working capital as we continue to streamline operations and establish a foothold in the estimated $2.2 billion commercial, recreational vehicle, bus and off-highway markets," says SmarTire CFO Jeff Finkelstein.
On Nov. 8, 2006, the company completed a $1.2 million financing deal that resulted in net proceeds of $1,070,000. Terms of the financing also were disclosed in an 8-K filing.
For more information on SmarTire Systems, which develops and markets proprietary advanced wireless sensing and control systems worldwide under the SmartWave trademark, visit www.smartire.com.