RICHMOND, British Columbia (Nov. 19)—SmarTire Systems Inc., a Richmond-based manufacturer of tire monitoring systems, has arranged a private placement of up to 3 million units of its stock to raise $5.1 million to pay its debts and raise working capital. Each unit consists of one share at a minimum price of $1.70, plus a warrant to buy another share within 24 months at between $2.30 and $3.30, the company said in a press release. About one-third of the $5.1 million has already been raised, a SmarTire spokeswoman said. The company recently announced the restructuring of its strategic alliance with TRW Inc. to allow distribution of its monitoring systems to all levels of the auto industry, including original equipment buyers.
Tire monitoring firm offers stock for sale
Rubber News wants to hear from its readers. If you want to express your opinion on a story or issue, email your letter to Editor Bruce Meyer at [email protected].