By Sheri Kasprzak
New York, June 9 - Hydrogen Engine Center, Inc. intends to raise up to $31.95 million in a private placement.
The deal was first announced on May 22, but the pricing terms had not then been set.
The company plans to sell 3 million shares at $10.65 each, a 28% discount to the company's $14.80 closing stock price from June 8.
The offering was originally announced for up to 1.5 million shares.
Hydrogen Engine, based in Algona, Iowa, manufactures internal combustion engines for the industrial and power-generation sector.
| Issuer: | Hydrogen Engine Center, Inc.
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| Issue: | Stock
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| Amount: | $31.95 million
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| Shares: | 3 million
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| Price: | $10.65
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| Warrants: | No
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| Pricing date: | June 9
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| Stock symbol: | OTCBB: HYEG
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| Stock price: | $15.70 at close June 9
|
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