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NewGen Technologies wraps $2.7 million private placement of stock
By Sheri Kasprzak
New York, Sept. 6 - NewGen Technologies, Inc. said it closed a $2.7 million private placement with more than 70 investors.
The company sold shares to both U.S.-based and foreign investors, including insiders of the company.
The full details of the deal could not be determined Tuesday.
The company had 36,782,024 outstanding shares upon closing of the private placement.
Based in Charlotte, N.C., NewGen develops technologies to decrease the production of carbon monoxide and other pollutants cause by the burning of fuels.
NewGen's stock closed up $0.50, or 20%, to end at $3.00 on Tuesday.
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