BlackPoll Fleet International, Inc. announced that it has received $0.04 million in funding.
May 30, 2014
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BlackPoll Fleet International, Inc. (OTCPK:BSTA.D) announced a private placement of investment units for gross proceeds of $5,000,000 on March 21, 2014. Each unit consists of 25,000 share of the series B preferred stock, par value $0.001 per share, convertible into 50,000 shares of the company's common stock, and one warrant to purchase 25,000 share of the company's common stock at a purchase price of $1 per share. The company will issue the securities pursuant to exemption provided under Regulation D. The minimum investment accepted from any outside investor will be $25,000.
The series B preferred stock shall have a fixed dividend rate of 6.75% per annum. The terms of payment of the fixed rate dividend will be subject to the discretion of the board of directors of the company, with such payments anticipated to be made quarterly, but such dividend payments cannot extend beyond the conversion date in case of conversion as set forth herein or beyond 18 months upon the date of the closing of the transaction whichever comes first. Each holder will have the right, at the option of the holder in 12 months from the date of the closing of the transaction and upon receipt by the company of a duly authorized notice of conversion from the respective shareholder, without the payment of additional consideration, to convert series B preferred shares into two shares of common stock. The right to convert such preferred stock into common stock will commence in 12 months from the date of the closing and expire in 18 months from the date of the closing.
In May 2014, BlackPoll Fleet International, Inc. closed the transaction. The company issued issued 37,500 shares of series B preferred stock and 1.5 warrants to purchase an aggregate of 37,500 shares of its common stock at $1.00 per share for gross proceeds of $37,500. The transaction included participation from two investors.
BlackPoll Fleet International, Inc. (BPOL), through its subsidiary Jet Aviation Corp. (Jet), provides aircraft parts for Boeing, McDonnell Douglas, Airbus, and Lockheed model jet aircraftâs, as well as for Pratt & Whitney, General Electric, GE/SN ECMA, Rolls-Royce engines and others. It focuses on the provision of cargo aviation services, long-term lease or charter management, fixed and rotary maintenance and overhaul service, business aviation, and fixed base operations (FBO) development and operation. It offers services, such as Aircraft/Crew/Maintenance/Insuranceleasing; passenger and cargo operations; aircraft management maintenance and overhaul. The Company also offers a range of services from traditional distribution to the management of supplier relationships, quality assurance, kitting, just-in-time (JIT) delivery, third-party logistics (3PL) or fourth-party logistics (4PL) programs and point-of-use inventory management.