New Generation Biofuels sells USD 600,000 in stock
(ADPnews) - Oct 5, 2010 - New Generation Biofuels Holdings Inc (NASDAQ:NGBF) said today it had agreed to sell some 4.6 million of stock to raise USD 600,000 (EUR 435,000) gross, as it aims to finance additional debt settlements and support its working capital.
The offering, subscribed by a number of institutional investors, has been priced at USD 0.13 a share. The biofuel supplier will also issue to the investors five-year warrants, which give them the right to purchase two for every five shares they have bought at a price of USD 0.13 apiece.
The offering is to close on October 5. Palladium Capital Advisors LLC was the placement agent.