POWAY, Calif., Jan. 25, 2011 /PRNewswire/ -- Helix Wind Corp.
(OTC Bulletin Board: HLXW), a renewable energy company, announced
today the close of a financing with St. George Investments, LLC, an
Illinois limited liability
company, in an amount up to $400,000
of funding to the Company.
The terms of the financing transaction consists of the Company
issuing a six month convertible secured promissory note (the "First
Note") in the aggregate principal amount of $72,500. After the original issue discount and
transaction fees, the amount provided under the First Note is
$50,000. The financing is
structured for the Company to receive the funding in eight
tranches, with the first tranche totaling $50,000 which was delivered to the Company on
January 20, 2011. The terms of
the financing provided that so long as no default has occurred and
the Company has satisfied certain other conditions, St. George will
loan the Company an additional $50,000 on or about each two week anniversary of
the issuance of the First Note during the four consecutive calendar
months following the closing, for a total net amount of
$350,000 in additional financing.
The convertible notes are also subject to certain other events
of default and liquidity events which could accelerate the
Company's repayment obligations, and/or permit St. George to
exercise its rights entered into in connection with the financing.
Additional information regarding the financing, and copies of
the financing documents, can be found in the Company's Form 8-K
filed with the U.S. Securities and Exchange Commission on
January 25, 2011.
About Helix: Helix Wind, Corp., a renewable energy
company is engaged in the design, manufacturing and sales of small
wind vertical axis turbines designed to generate 300W, 1kW, 2.0kW,
and 4.5kW of clean, renewable electricity. Additional information
can be found at www.helixwind.com.
Forward Looking Statements: A number of statements
contained in this press release are forward-looking statements
within the meaning of applicable federal securities laws,
including, without limitation, anything relating or referring to
future financial results and plans for future business development
activities, and are thus prospective. These forward-looking
statements involve a number of risks and uncertainties, including
our ability to attract and retain management and field personnel
with experience in the small wind turbine industry, our ability to
raise capital when needed and on acceptable terms and conditions,
the intensity of competition and general economic factors. The
actual results Helix Wind may achieve could differ materially from
any forward-looking statements due to such risks and uncertainties.
Helix Wind encourages the public to read the information provided
here in conjunction with its most recent filings, which may be
viewed at www.sec.gov.
SOURCE Helix Wind, Corp.