New Generation Biofuels completes $1.5 million private placement for expansion of new veggie-oil based biofuel

In Florida, New Generation Biofuels Holdings announced that it has closed a $1.5 million private placement of common stock and warrants, led by the Jesup & Lamont investment bank. The company said it would well 1.9075 million shares of stock at $0.80 per share, and an equivalent amount of warrants.

The company is developing a proprietary biofuel technology that provides a low-cost vegetable-oil based fuel for power generation, heating and marine use. The company said that it would continue with a hybrid model of building its own plants, plus licensing its technology.

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