H2Diesel option exercised, raising total to $4.255 million

By Susanna Moon

Chicago, June 14 - H2Diesel Holdings, Inc. sold an additional 14,600 shares of convertible stock totaling $1.46 million under a 30-day purchase option for its May placement, according to an 8-K filing with the Securities and Exchange Commission Thursday.

Buyers exercised the purchase option under terms of a $2.795 million May offering, raising the total deal amount to $4.255 million.

In the May issue, the company issued 27,950 shares of the preferreds at $100.00 each.

The 8% preferreds are convertible into common shares at $4.00 each.

Each investor also received warrants for a number of shares equal to 50% of the shares issuable upon conversion. Each warrant is exercisable at $6.00.

Empire Financial Group was the placement agent.

H2Diesel is a biofuels production company based in Boca Raton, Fla.

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