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Provider: Pechala's Reports
Provider: Pechala's Reports
Provider: Reuters Investment Profile
Provider: Wright Reports

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MagneGas Corp Announces Pricing Of Public Offering Of Common Stock

Friday, 31 May 2013 09:04am EDT 

MagneGas Corp announced that it has priced an underwritten public offering of 2,372,295 shares of common stock and warrants to purchase 593,074 shares of common stock. Each share of common stock will be sold with a warrant to purchase 0.25 of a share of common stock. Each share of common stock and related warrant will be sold at a combined price to the public of $0.90, for gross proceeds of $2,135,065. The net proceeds from the sale of the shares and related warrants, after deducting the underwriter's discounts and other estimated offering expenses payable by the Company, will be approximately $1,839,360. The warrants are exercisable for a period of five years beginning on the closing date of the offering at an exercise price of $1.35 per share. The Company has also granted the underwriter a 45-day option to purchase up to an additional 355,844 shares and related warrants to purchase up to an additional 88,961 shares of common stock to cover over-allotments. The Company currently intends to use the net proceeds from this offering for working capital and general corporate purposes. The offering is expected to close on or about June 5, 2013. Northland Capital Markets is acting as the sole book-running manager for the offering. 

Company Quote

26 Nov 2014