By Sheri Kasprzak
Atlanta, June 16 - O2Diesel Corp. said it has closed a private placement for $3,208,781.
The company sold 4,583,973 shares at $0.70 each.
The investors will also receive warrants for 2,291,986 shares, exercisable at $0.70 each for one year and at $1.05 each for the second year.
The company closed a private placement with similar terms on Jan. 24 for $2 million
Based in Newark, Del., O2Diesel develops cleaner-burning diesel fuel alternatives. The proceeds will be used for general corporate purposes.
| Issuer: | O2Diesel Corp.
|
| Issue: | Stock
|
| Amount: | $3,208,781
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| Shares: | 4,583,973
|
| Price: | $0.70
|
| Warrants: | For 2,291,986 shares
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $0.70 for first year; $1.05 for second year
|
| Settlement date: | June 10
|
| Stock price: | $1.42 at close June 10
|
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