By Sheri Kasprzak
New York, May 4 - Hydrogen Engine Center, Inc. concluded a $3.602 million private placement of series B convertible preferred stock.
The company sold 1.801 million preferreds at $2.00 each.
The preferreds are convertible into common shares on a one-for-one basis.
Located in Algona, Iowa, Hydrogen Engine Center develops spark-ignited internal combustion engines and power-generation systems powered by fuels such as hydrogen, propane, natural gas and ethanol.
| Issuer: | Hydrogen Engine Center, Inc.
|
| Issue: | Series B convertible preferred stock
|
| Amount: | $3.602 million
|
| Shares: | 1.801 million
|
| Price: | $2.00
|
| Conversion ratio: | One-for-one
|
| Warrants: | No
|
| Settlement date: | May 3
|
| Stock symbol: | OTCBB: HYEG
|
| Stock price: | $2.50 at close May 3
|
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