Company sells units of shares, five-year warrants at $0.16 per unit
By Devika Patel
Knoxville, Tenn., Oct. 28 - MagneGas Corp. completed a $2.7 million first tranche of a private placement of units on Oct. 28, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company sold 16,875,000 units of one common share and one warrant at $0.16 per unit.
Each warrant is exercisable at $0.30 for five years. The strike price is a 30.44% premium to $0.23, the Oct. 27 closing share price.
Tampa, Fla.-based MagneGas produces MagneGas, a natural-gas alternative and metal-working fuel made from liquid waste such as sewage.
| Issuer: | MagneGas Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $2.7 million
|
| Units: | 16,875,000
|
| Price: | $0.16
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.30
|
| Settlement date: | Oct. 28
|
| Stock symbol: | OTCBB: MNGA
|
| Stock price: | $0.22 at close Oct. 28
|
| Market capitalization: | $29.15 million
|
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