Vanguard Airlines, Inc. (Nasdaq: VNGD - news) announced today that it completed a $3.25 million private placement of units of securities with Vanguard Acquisition Company, a subsidiary of Pegasus Aviation. Under terms of the transaction, Vanguard issued 162,500 shares of the Company's Series C Convertible Preferred Stock with a liquidation preference of $20 per share, subject to annual accretion over three years. The Series C Preferred Stock is convertible into Common Stock at a price of $1.25 per share.
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