Track the companies that matter to you. It's FREE! Click one of these fan favorites to get started: Apple; Google; Ford.



Aura Completes the Initial Closing of a Financing and Conversion of Demand Notes into Secured Convertible Notes

Aura Completes the Initial Closing of a Financing and Conversion of Demand Notes into Secured Convertible Notes

EL SEGUNDO, Calif.--(BUSINESS WIRE)-- Aura Systems, Inc. (OTCBB:AUSI) announced today that it closed on $2,395,700 financing which consisted of the conversion of $1,645,700 of previously issued demand notes plus accrued interest and $750,000 of new funds.

The financing is in the form of senior secured convertible notes with warrants. The conversion price on the notes is $0.75 per common share and the warrant exercise price is $0.75.

Mr. Melvin Gagerman, Aura’s CEO said, “We have retained an investment banker to help with our long term strategic planning and financial needs. The funds from this raise as well as other future planned initiatives, if completed, will provide the required capital to complete our management transition and provide the required financial resources to execute on our business plan for the current fiscal year and beyond.”

Dr. Ramesh Misra, Aura’s president said, “The infusion of new capital will allow the Company to pursue our growth plan. The immediate main focus of the Company’s business for the current year is military applications and electric transport refrigeration. This will start us on our mission to provide the world’s most effective fully integrated mobile electric power solution.”

For more information on Aura Systems, Inc. visit

Aura Systems, Inc.
Melvin Gagerman, Chairman and CEO
310-643-5300 x171
Dr. Ramesh Misra, President
310-643-5300 x 271
Cipora Lavut, 404-539-2161

KEYWORDS:   United States  North America  California


Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2422913, ~/Articles/ArticleHandler.aspx, 10/4/2015 3:50:08 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...