Ocean Electric plans direct public sale of 45 million common shares

Deal slated to fund capital expenditures, operations, working capital

By Devika Patel

Knoxville, Tenn., July 3 - Ocean Electric Inc. will price a direct public offering of 45 million common shares, according to a prospectus filed Tuesday with the Securities and Exchange Commission.

Proceeds will be used for capital expenditures, operations and working capital.

The Carson City, Nev., development-stage company plans to commercialize ocean energy extraction technologies.

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