Xplore Procures $3.2M in Private Placement

Austin, Texas Private Placement: Xplore Technologies Corp. has raised $3.21 million in gross proceeds from a private placement.

The private placement involved senior secured subordinated promissory notes and warrants to buy 32.1 million shares of its common stock. Xplore Chairman and CEO bought $1 million of the secured promissory notes and warrants to buy 10 million shares of common stock in the private placement.

Sassower said Xplore’s (OTCBB: XLRT) past cost reductions “are now fully reflected in its financial results, and its cash burn rate has been dramatically reduced. As the markets improve, we expect Xplore’s performance and cash flow to show improvement.”

The company used $900,000 of the net proceeds from the private placement to repay indebtedness to its senior lender, and it intends to use the remainder for product development, working capital and general corporate purposes.

The notes issued in the private placement are due and payable in full on Dec, 31, 2011, and bear 10 percent interest annually. The warrants issued may be exercised beginning Jan. 14, 2011, at 10 cents per share, and expire Jan. 15, 2013.

In addition, on Nov. 5, 2009, the company agreed to extend the maturity date of previously issued secured subordinated promissory notes totaling nearly $4.1 million from Dec. 31, 2010, to Dec. 31, 2011. The company also agreed to extend the expiration date of warrants, issued in connection with those promissory notes, to buy 40,090,000 shares of its common stock from Feb. 27, 2012, to Jan. 14, 2013.

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