By Sheri Kasprzak
Atlanta, March 22 - O2 Diesel Corp. said it has closed a $1,472,399 tranche of a $2,777,999 private placement.
The company sold 2,103,428 shares at $0.70 each in the second tranche.
On March 17, the first tranche was closed when the company sold 1,865,143 shares at $0.70 each.
The investors also received warrants for half of the shares issued. The warrants are exercisable at $0.70 each for the first year and $1.05 each thereafter.
The company said it plans to keep the transaction open to allow subscribers who have applied for 700,000 shares associated with the deal to meet the terms of their subscription agreement.
O2's board of directors has also approved a second subscription for 4.34 million shares, which would allow for additional proceeds of $3,038,000, but the closing of that additional subscription requires certain conditions to be met by the company. Shareholder approval for that subscription will be decided in the second quarter.
Based in Newark, Del., O2 develops cleaner-burning diesel fuel alternatives.
| Issuer: | O2 Diesel Corp.
|
| Issue: | Stock
|
| Amount: | $1,472,399
|
| Shares: | 2,103,428
|
| Price: | $0.70
|
| Warrants: | Equal to half the shares issued
|
| Warrant strike price: | $0.70 for the first year; $1.05 thereafter
|
| Pricing date: | Jan. 21
|
| Settlement date: | March 22 (for the second tranche)
|
| Stock price: | $0.83 at close Jan. 21
|
| Stock price: | $1.64 at close March 21
|
|
|
© 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.
