By Devika Patel
Knoxville, Tenn., March 4 - New Generation Biofuels Holdings, Inc. settled a $1.53 million private placement of stock on Tuesday, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company sold 1,907,500 common shares at $0.80 per share.
The investors also received warrants for 1,907,500 shares, which are exercisable at $0.90 for five years.
Investors who participated in the company's 2008 private placement of series B convertible preferred stock and who invested a specified amount in this offering received additional warrants for 97,792 shares, which are exercisable at $1.00 for five years.
The investors may receive additional shares under certain circumstances.
Jesup & Lamont's San Francisco investment banking division was the placement agent.
Based in Houston, New Generation Biofuels is a development-stage renewable fuels provider.
| Issuer: | New Generation Biofuels Holdings, Inc.
|
| Issue: | Common shares
|
| Amount: | $1,526,000
|
| Shares: | 1,907,500
|
| Price: | $0.80
|
| Warrants: | For 2,005,292 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.90 (for 1,907,500 shares), $1.00 (for 97,792 shares)
|
| Agent: | Jesup & Lamont
|
| Settlement date: | March 3
|
| Stock symbol: | Nasdaq: NGBF
|
| Stock price: | $0.73 at close March 3
|
| Market capitalization: | $13.6 million
|
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