MagneGas 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.
Harris Industrial Gases to begin distributing MagneGas2 for metal cutting MagneGas announced that Harris Industrial Gases will begin distributing MagneGas2 for metal cutting. Harris will be supplying MagneGas2 fuel in Northern Nevada. They will source their fuel from MagneGas partner Placer Power of California. Harris anticipates placing additional orders in the coming weeks.