Quasar Aerospace Industries, Inc. Details the Terms of Its $350 Million Funding
November 18 2009 - 3:37PM
Marketwired
Quasar Aerospace Industries, Inc. (PINKSHEETS: QASP) today released
additional details regarding the Company's recently announced
primary funding of $350 million.
Mark Lundquist, a Philadelphia based attorney and Senior Vice
President for Strategic Planning for Quasar Aerospace Industries,
Inc., stated, "This primary funding instrument will provide a $350
million cash infusion into Quasar. Closing documents are being
prepared and closing is scheduled for mid-December."
The funds from the transaction will be transferred to Quasar's
account as lump sum, upon the execution of the final documents. The
funding transaction is structured as a loan, the proceeds of which
originate as part of a $1 billion bond issued by Inver Finance
Ltd., an Irish corporation.
The bonds, which are secured by $1.4 billion of life settlement
policies on individuals over 72 years of age, bear interest at 6.5%
with a ten-year term. Under the terms negotiated, interest does not
begin accruing until the end of the third year. Additionally, no
principal payments become due until the end of the tenth year. Upon
maturity of the loan Quasar has three options for repayment: (1) an
issuance of the Company's common stock equal to approximately 9% of
the common stock outstanding as payment in full of the principal,
(2) extend the loan for two successive five years terms, or (3) pay
off the principal and any accrued and unpaid interest.
Dean Bradley, CEO of Quasar Aerospace Industries, Inc.,
commented, "The company continues to make significant strides in
the progressive growth of operations. Inver Finance has provided
our Company with a very flexible financial instrument that I
believe will provide major long-term benefits for the Company's
continued growth and success."
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended and such forward-looking statements are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. You are cautioned that such statements are
subject to a multitude of risks and uncertainties that could cause
future circumstances, events, or results to differ materially from
those projected in the forward-looking statements as a result of
various factors, and other risks. You should consider these factors
in evaluating the forward-looking statements included herein, and
not place undue reliance on such statements. The forward-looking
statements in this release are made as of the date hereof and Equus
Resources, Inc. and Quasar Aerospace Industries, Inc. undertake no
obligation to update such statements.
Contacts: Investor Relations QASP-info@equititrend.com
800-585-6988
Green Energy Enterprises (CE) (USOTC:GYOG)
Historical Stock Chart
From May 2024 to Jun 2024
Green Energy Enterprises (CE) (USOTC:GYOG)
Historical Stock Chart
From Jun 2023 to Jun 2024