New Generation Biofuels raises $1.0 million in notes
In Maryland, New Generation Biofuels announced it has entered into a definitive agreement with a limited number of institutional investors for the placement of Senior Secured Convertible Promissory Notes totaling $1.0 million. The Notes are secured by the assets of New Generation Biofuels and are convertible into 10,000,000 shares of common stock of the Company at ten cents per share.
The Company intends to use the net proceeds for general working capital purposes. The Offering closed on February 1, 2011. Palladium Capital Advisors, LLC acted as the Placement Agent for this transaction. Miles F. Mahoney, President and Chief Executive Officer stated that the monies will be used for such purposes as “… establishing value-added alliances with technology partners, feedstock suppliers and strategic customers… making fuel deliveries under our existing contracts; demonstrating a repeat-delivery cycle with our technology… and initiating feasibility studies of new, lower-cost feedstocks that have the potential to result in positive margins regardless of government incentives.”
Category: Fuels
