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Provider: Reuters Investment Profile
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MagneGas Corp enters into definitive agreements for financing of $5 mln in gross proceeds

Tuesday, 25 Mar 2014 08:48am EDT 

MagneGas Corp:Enters into definitive agreements with an institutional investor for a financing of $5 mln in gross proceeds.Says it will issue 2,000,000 shares of its common stock and Series c convertible preferred stock convertible into 1,448,276 shares of common stock.Offering is expected to close on or about March 28.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. 

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0.03 +2.03%
22 Jul 2014