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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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March 26, 2015
13:00 EDTMNGAMagneGas reports joint venture to pursue co-combustion technology
In a regulatory filing, MagneGas reports that on March 20, it finalized a term sheet with two confidential parties for a tri-party joint venture implemented through a limited liability company. MagneGas and the two confidential parties will each own one-third of a new Delaware limited liability company that will engage in the worldwide testing, development, and pursuit of the co-combustion of MagneGas with coal and coal by-products in the electric power plant industry. The term sheet supersedes the USA MOU dated October 8, 2013 and the supplement to the USA MOU dated June 16, 2014 discussed in the company’s recent annual report on Form 10-K.

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