By Sheri Kasprzak
New York, May 10 - Earth Biofuels, Inc. has settled a $3.2 million private placement.
The company issued 6.4 million shares to Kamunting Street Master Fund, Ltd. and K Street Emerald Fund, LLC.
The proceeds from the deal will be used for the acquisition of a 50% interest in a company that owns an ethanol plant.
Earth Biofuels, based in Dallas, develops alternative fuels, including biodiesel.
| Issuer: | Earth Biofuels, Inc.
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| Issue: | Stock
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| Amount: | $3.2 million
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| Shares: | 6.4 million
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| Price: | $0.50
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| Warrants: | No
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| Announcement date: | May 10
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| Investors: | Kamunting Street Master Fund, Ltd. and K Street Emerald Fund, LLC
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| Stock symbol: | OTCBB: EBOF
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| Stock price: | $6.75 at close May 10
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