By Devika Patel
Knoxville, Tenn., May 14 - New Generation Biofuels Holdings, Inc. took in an additional $3.51 million from the second tranche of a private placement of 8% series B convertible preferred stock on May 13, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company sold 35,123 preferreds at $100.00 apiece and five-year warrants for 208,345 common shares, exercisable at $6.25.
This tranche brings the total proceeds to $7.59 million.
On March 3, the company sold 40,768 preferreds and 238,068 warrants for $4.08 million.
The preferreds are convertible at $4.25 per share.
Dividends will be payable at a rate of 8% per year when declared by the board of directors.
The series B preferred stock is not redeemable. Each preferred will automatically convert after three years.
Based in Houston, New Generation Biofuels is a development-stage renewable fuels provider.
| Issuer: | New Generation Biofuels Holdings, Inc.
|
| Issue: | Series B convertible preferred stock
|
| Amount: | $7,589,100
|
| Shares: | 75,891
|
| Price: | $100
|
| Dividends: | 8%
|
| Conversion price: | $4.25
|
| Warrants: | 446,413
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $6.25
|
| Settlement date: | March 31 (for $4,076,800); May 13 (for $3,512,300)
|
| Stock symbol: | Amex: GNB
|
| Stock price: | $5.60 at close March 31
|
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