Published on 12/31/2004 in the Prospect News PIPE Daily.
New Issue: Mechanical Technology closes private placement of shares for $8 million
By Sheri Kasprzak
Atlanta, Dec. 27 - Mechanical Technology Inc. said it raised $8 million in a private placement of shares.
The company issued 1,261,829 shares at $6.34 each to Fletcher International Ltd. on Dec. 22.
Based in Albany, N.Y., Mechanical Technology is a holding company for a micro-fuel cell production company and a non-contact precision instrumentation company.
| Issuer: | Mechanical Technology Inc.
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| Issue: | $8 million
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| Shares: | 1,261,829
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| Price: | $6.34
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| Warrants: | No
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| Investors: | Fletcher International Ltd.
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| Settlement date: | Dec. 22
|
| Stock price: | $6.00 at close Dec. 22
|
| Stock price: | $6.07 at close Dec. 27
|
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