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DENVER-Locally based Across America Real Estate Corp. revealed in a recent Securities and Exchange Commission filing that it has entered into letters of intent with two unidentified entities to provide financing for its continuing operations. Under each letter of intent, each entity would invest a total of $10 million in two instruments, consisting of senior subordinated notes, for a total of $7 million and convertible preferred stock, for a total of $3 million.

One of the entities, or its designees, would also be allowed to purchase an additional amount of convertible preferred stock up to an additional $300,000. At this time the letters of intent are not binding upon the parties and remain subject to the execution of mutually acceptable contracts, according to the SEC. All parties are conducting due diligence and do not know if or when any of these transactions will result in binding contracts.

Across America Real Estate, with a market cap of only about $71 million, finances and develops built-to-suit real estate projects in the US. It operates as a co-developer, principally as a financier, for built-to-suit real estate development projects for retailers that sign long-term leases for use of the property. The company was incorporated in 2003 and was formerly known as Across America Real Estate Development Corp. and changed its name to Across America Real Estate Corp. in July 2005.