SmarTire Systems Inc. has realized net proceeds of $2.725 million from a private placement of discounted unsecured convertible debentures and warrants to an investment group consisting primarily of current institutional shareholders.
Complete terms of the financing will be released in the company's 8-K filing.
"This is the fourth significant financing that has been arranged by our investment bankers and increases the total 2003 financings to approximately $10 million," says Robert Rudman, CEO and president. "The net proceeds of this most recent financing will enable the company to build inventory levels and to execute on certain strategic business development initiatives.
"Our investment bankers were also instrumental in arranging our $15 million equity line of credit, which we previously announced on July 28, 2003."
Additional information can be found at the company's Web site, www.smartire.com.
