By Sheri Kasprzak
New York, July 7 - Nova Energy Holding, Inc. completed a private placement for $16.12 million.
The company sold 10.4 million units at $1.55 each to a group of institutional and accredited investors.
The units are comprised of one share and one half-share warrant with each whole warrant exercisable at $2.54 each for five years.
Proceeds from the deal will be used for working capital and general corporate purposes as the company continues to build and operate two to four biodiesel refineries.
Houston-based Nova is an alternative energy company focused on developing synthesized and renewable fuel products.
| Issuer: | Nova Energy Holding, Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | $16.12 million
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| Units: | 10.4 million
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| Price: | $1.55
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | $2.54
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| Settlement date: | July 7
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| Stock symbol: | OTCBB: NVAO
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| Stock price: | $2.00 at close July 6
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