New Issue: New Generation Biofuels wraps $3.17 million shares sale

By Devika Patel

Knoxville, Tenn., March 31 - New Generation Biofuels Holdings, Inc. said it settled a $1.64 million tranche of a private placement of stock. The company raised $1.53 million in the first tranche on March 3 for a total of $3.17 million.

The company sold 1,907,500 common shares at $0.80 per share in the first tranche. It sold 2.05 million shares in this tranche.

The investors also received warrants for an equal number of shares. The warrants are exercisable at $0.90 for five years.

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:	$3,166,000
Shares:	3,957,500
Price:	$0.80
Warrants:	For 3,957,500 shares
Warrant expiration:	Five years
Warrant strike price:	$0.90
Agent:	Jesup & Lamont
Settlement date:	March 3 (for $1,526,000), March 31 (for $1.64 million)
Stock symbol:	Nasdaq: NGBF
Stock price:	$0.73 at close March 3
Market capitalization:	$13.8 million

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.