February 10, 2010 (FinancialWire) — Helix Wind Corp. (OTCBB: HLXW) said it has closed a bridge loan with St. George Investments, LLC, an Illinois limited liability company worth up to $585,000 of funding for the company.

The terms of the bridge financing transaction consists of the company issuing a six-month convertible Secured Promissory Note in the principal amount of $780,000, and a five-year warrant to purchase 300,000 shares of the company’s common stock at an exercise price of $1.25 per share.

Helix said that the warrant contains a cashless exercise provision. The note is structured for the company to receive the funding in two tranches, with $400,000 delivered to the company pursuant to the terms of the note on February 2, 2010, and $185,000 due from St. George on March 2, 2010 provided neither a default nor a “triggering event” has occurred, and the company has satisfied various conditions.

Triggering events include, but are not limited to, a decline in the company’s stock price to below $1.50 per share for five consecutive days and a decline in five-day average trading volume to less than $100,000 per day.

Completion of the transaction is subject to, among other customary conditions, the satisfactory delivery of collateral in the form of 4.8 million shares of Helix common stock owned by Helix’s CEO, Ian Gardner, to St. George Investments LLC.

California-based Helix Wind is engaged in the design, manufacturing and sale of small wind vertical axis turbine designed to generate 300W, 1kW, 2.0kW, 4.0kW, and 50kW of electricity.

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