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MagneGas Corp enters into definitive agreements for financing of $4 mln in gross proceeds

Wednesday, 22 Jan 2014 09:00am EST 

MagneGas Corp:Says it has entered into definitive agreements with an institutional investor for a financing of $4 mln in gross proceeds.Says under the terms of the agreements, MagneGas will issue registered shares of the company's common stock for $1,858,867 in gross proceeds and unregistered shares of Series B convertible preferred stock for $2,141,133 in gross proceeds.Says the transaction also provides for the issuance by the company of unregistered warrants to purchase up to 2,676,416 shares of common stock of the company with an initial exercise price of $1.11.Says the offering is expected to close on or about Monday, Jan. 27.Says Northland Capital Markets is serving as the exclusive placement agent on the transaction.Says it plans to use the proceeds from the transaction for general corporate purposes, including working capital and potential acquisitions. 

Company Quote

5 Mar 2015