SmarTire Systems Inc. has sold a convertible debenture in the amount of $350,000, which is the balance remaining under an agreement dated April 27, 2007.
That agreement provided for the sale of up to $1.5 million in convertible debentures to Xentenial Holdings Ltd. (See "SmarTire agrees to financing arrangement with equity firm," May 8, 2007.)
Terms of the financing are disclosed in the company's 8-K, which was filed on Friday.
"The sale of this convertible debenture completes our use of Xentenial Holdings' second financing with us this calendar year," says SmarTire CFO Jeff Finkelstein. "The two financings aggregated gross proceeds of $3.3 million."
For more information, visit www.smartire.com.