Investor San Ding Jiu Yuan Beijing Venture settles $100,000 tranche
By Devika Patel
Knoxville, Tenn., April 1 - Next Fuel Inc. sold $100,000 of its common stock as part of a $2 million private placement on March 28, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company is selling up to 1 million common shares at $2.00 apiece, which is a 55.56% discount to the March 25 closing share price of $4.50. It sold 50,000 shares in the initial tranche.
San Ding Jiu Yuan Beijing Venture Investment Co., the investor, is not obligated to buy the remaining $1.9 million of shares unless it is satisfied with the results of its due diligence investigation, which will be conducted until May 15. A San Ding general manager will become a member of the company's board of directors if the second tranche settles.
Proceeds will be used to finance future operations.
The Sheridan, Wyo., company develops and commercializes coal-to-gas technologies for owners of natural gas production resources.
| Issuer: | Next Fuel Inc.
|
| Issue: | Common stock
|
| Amount: | $2 million
|
| Shares: | 1 million
|
| Price: | $2.00
|
| Warrants: | No
|
| Investor: | San Ding Jiu Yuan Beijing Venture Investment Co.
|
| Settlement date: | March 28 (for $100,000)
|
| Stock symbol: | Pink Sheets: NXFI
|
| Stock price: | $4.45 at close March 28
|
| Market capitalization: | $25.23 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.
