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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.
News For MNGA From The Last 14 Days
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April 20, 2015
08:21 EDTMNGAMagneGas sends letter to shareholders regarding Tarpon Springs accident
In a letter to its shareholders, MagneGas sent a letter to its shareholders. The company said, "As previously announced, we unfortunately experienced a tragic accident at our Tarpon Springs facility on Thursday, April 16, in which one employee died and another was injured... We take this matter very seriously and are dedicating all of the necessary corporate resources to assist in the investigation of this incident. We have been working closely with the appropriate authorities to determine the cause and circumstances surrounding this accident. At this time, we can report that the accident occurred during the tank filling process. In addition to conducting our own thorough investigation, we will continue to work in full cooperation with the Tarpon Springs Fire Department and the Occupational Safety and Health Administration to determine what caused this accident. Until we complete this investigation we have temporarily suspended production of certain products. We plan to resume production of these products once we have isolated and fully addressed the cause of this accident. We also plan to take whatever steps are needed to help prevent another accident from occurring in the future. In the meantime, we have a reserve supply of MagneGas on hand and plan to continue supplying our customers... In terms of our financial strength, we believe that we are well-positioned to move forward in the wake of this tragedy. As of December 31, 2014, we had more than $5 million of cash on hand. We also have comprehensive coverage under our insurance policies. We will continue operating our other business lines, which comprise the majority of our revenues at the present time. These business lines include the sale of sterilization equipment and the sale of a variety of gases through ESSI."
April 16, 2015
18:25 EDTMNGAMagneGas provides statement on fatal accident at Tarpon Springs facility
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08:09 EDTMNGAMagneGas signs Joint Venture for subsidiary expansion in Florida
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