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News Breaks
January 22, 2014
09:08 EDTMNGAMagneGas enters into agreements for financing of $4M in gross proceeds
MagneGas announced that it has entered into definitive agreements with an institutional investor for a financing of $4M in gross proceeds. Under the terms of the agreements, MagneGas will issue registered shares of the company's common stock for $1.86M in gross proceeds and unregistered shares of Series B convertible preferred stock for $2.14M in gross proceeds, which are convertible into common stock of the Company at 80c per share. The offering is expected to close on or about January 27, subject to the satisfaction of customary closing conditions. Northland Capital Markets is serving as the exclusive placement agent on the transaction. MagneGas plans to use the proceeds from the transaction for general corporate purposes, including working capital and potential acquisitions.
News For MNGA From The Last 14 Days
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October 28, 2014
12:35 EDTMNGAMagneGas management to meet with Maxim
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October 27, 2014
12:11 EDTMNGAMagneGas acquires independent fuel distribution company for $3M in cash
MagneGas Corporation announced that it has completed the acquisition of Equipment Sales and Service, or ESSI, of Clearwater, Florida. ESSI is an established industrial gas distribution company with estimated 2014 gross revenues of almost $2M earned through the sales of industrial gases and related products. MagneGas has purchased this established local industrial gas distributor to provide a platform to further MagneGas fuel sales and expand its customer product availability. Established more than 20 years ago, this distributor is one of the largest independently owned gas distribution companies in the area offering a broad range of welding gas products and services. MagneGas purchased 100% of the outstanding stock of ESSI in exchange for $3M in cash paid at the closing. The acquisition is expected to bring the overall MagneGas fuel division to a breakeven level in 2015.
October 21, 2014
09:20 EDTMNGAMagneGas signs agreement for $5M financing in gross proceeds
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