Energy & Engine closes $1 million tranche of $2 million private placement

By Sheri Kasprzak

Atlanta, April 29 - Energy & Engine Technology Corp. said it has completed the $1 million first tranche of a potential $2 million private placement.

The company sold convertible notes to institutional investors.

A total of $1.5 million will be funded in tranches until a registration statement is filed, and the remaining $500,000 will be funded once the registration statement is effective.

The details of the offering could not be obtained by press time Friday. Investors will also receive warrants for up to $3 million in additional proceeds, if fully exercised.

Security Research Associates is the placement agent in the offering.

Based in Plano, Texas, Energy & Engine develops auxiliary power generators for the long-haul trucking industry. The proceeds will be used to acquire Anchor Manufacturing Group Inc.

On Friday, the company's stock closed up $0.01 at $0.07.

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