Brief: LV company gains $21 million in financing

A spokesman for Chadmoore Wireless Group Inc. said he could not identify the financing source, which he described as a major New York Stock Exchange company, because the deal has not been completed. The company announced the financing to comply with Securities and Exchange Commission disclosure requirements.

The company's specialized mobile radio system is a two-way communications service commonly known as "dispatch radio." The financing will allow Chadmoore to complete its system roll-out.

Chadmoore does not have a license to serve the Las Vegas market.

Terms of the financing include an interest rate to be determined at the close of the deal based on the five-year U.S. Treasury note rate with a five-year amortization schedule and warrants to purchase about 4 percent of the company on a fully diluted basis.

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