By Sheri Kasprzak
New York, Sept. 28 - International Fuel Technology Inc. said it has closed a private placement for $6,494,050.
The company sold 4,447,980 shares at $1.46 each to accredited investors.
The investors also received warrants for 1,111,995 shares. Additional details on the warrants could not be determined by press time Wednesday.
The deal was conducted from May through August.
Proceeds from the offering will be used for working capital.
Based in St. Louis, International Fuel Technology is a petroleum refining company.
| Issuer: | International Fuel Technology Inc.
|
| Issue: | Stock
|
| Amount: | $6,494,050
|
| Shares: | 4,447,980
|
| Price: | $1.46
|
| Warrants: | For 1,111,995 shares
|
| Settlement date: | Sept. 28
|
| Stock price: | $2.35 at close Sept. 27
|
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