New Issue: Hydrogen Engine Center sells $6.08 million of stock, preferreds

By Sheri Kasprzak

New York, Oct. 5 - Hydrogen Engine Center, Inc. is gearing up to close a private placement of common stock for $3,063,463 and of series A convertible preferred stock for $3,022,500.

The company plans to sell 942,604 shares at $3.25 each and 930,000 shares of the preferred stock at $3.25 each.

The preferreds are convertible into common shares at $3.25 each.

The offering is scheduled to close Oct. 15.

Hydrogen Engine, based in Algona, Iowa, manufactures internal combustion engines for the industrial and power-generation sector.

Stock

Issuer:	Hydrogen Engine Center, Inc.
Issue:	Stock
Amount:	$3,063,463
Shares:	942,604
Price:	$3.25
Warrants:	No
Announcement date:	Oct. 5
Settlement date:	Oct. 15
Stock symbol:	OTCBB: HYEG
Stock price:	$3.35 at close Oct. 5
Convertible preferreds
Issuer:	Hydrogen Engine Center, Inc.
Issue:	Series A convertible preferred stock
Amount:	$3,022,500
Shares:	930,000
Price:	$3.25
Conversion price:	$3.25
Conversion ratio:	Into common stock on a one-for-one basis
Warrants:	No
Announcement date:	Oct. 5
Settlement date:	Oct. 15
Stock symbol:	OTCBB: HYEG
Stock price:	$3.35 at close Oct. 5

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