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Stock Market & Financial Investment News

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.
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August 19, 2014
08:26 EDTMNGAMagneGas to purchase gas distribution company
MagneGas announced that it has signed a Letter of Intent to purchase an established industrial gas distribution company with estimated 2014 gross revenues of approximately $2M. It also separately signed an agreement to purchase an industrial building nearby for expansion and relocation of its headquarters. MagneGas has signed a non-binding Letter of Intent to purchase a well-established local industrial gas distributor in Florida providing a platform to grow sales of MagneGas while offering a wider range of services to industrial gas customers.

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