By Sheri Kasprzak
New York, Dec. 20 - Nova Biosource Fuels, Inc. is gearing up to close a $47.092 million private placement.
The company will issue 24.4 million shares at $1.93 each to institutional and accredited investors.
The investors will receive warrants for 7.3 million shares, exercisable at $2.72 each for five years.
Jefferies & Co., Inc. was the lead agent with Ardour Capital Investments, LLC as co-agent.
The deal is set to close Thursday.
Proceeds will be used for the company's business strategy to build and operate two to four biodiesel refineries with a capacity of 120 million to 240 million gallons of biodiesel per year. The rest will be used for working capital.
Houston-based Nova develops renewable fuel products.
| Issuer: | Nova Biosource Fuels, Inc.
|
| Issue: | Stock
|
| Amount: | $47.092 million
|
| Shares: | 24.4 million
|
| Price: | $1.93
|
| Warrants: | For 7.3 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.72
|
| Placement agents: | Jefferies & Co., Inc. (lead), Ardour Capital Investments, LLC
|
| Announcement date: | Dec. 20
|
| Settlement date: | Dec. 21
|
| Stock symbol: | OTCBB: NVBF
|
| Stock price: | $2.22 at close Dec. 19
|
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