By Laura Lutz
Des Moines, Dec. 11 - International Fuel Technology, Inc. received a $1 million equity investment commitment from Rex Carr, according to an 8-K filing with the Securities and Exchange Commission.
Carr agreed to buy up to $1 million of restricted common stock at the company's discretion.
The shares will be priced at the closing price of the stock on the date of the sale.
Carr is a director of the company and a holder of more than 5% of the company's stock.
Proceeds will be used for working capital.
Based in St. Louis, International Fuel is focused on an additive technology intended to enhance the combustion efficiency of liquid hydrocarbon fuels.
| Issuer: | International Fuel Technology, Inc.
|
| Issue: | Restricted common stock to be sold under investment commitment
|
| Amount: | $1 million
|
| Price: | Closing price of stock on sale date
|
| Warrants: | No
|
| Investor: | Rex Carr
|
| Settlement date: | Dec. 11
|
| Stock symbol: | OTCBB: IFUE
|
| Stock price: | $0.22 at close Dec. 10
|
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