By Sheri Kasprzak
New York, March 29 - Metretek Technologies, Inc. said it has secured agreements for a $28,175,672 private placement.
A group of institutional and other investors agreed to buy 2,012,548 shares at $14.00 each, a 17.5% discount to the company's closing stock price of $16.97 on Tuesday.
Some of the company's officers and directors have also agreed to buy 390,452 shares at the same price.
The offerings are slated to close next week.
Of the proceeds, $26 million will be used for debt repayment, capital expenditures and working capital.
Based in Denver, Metretek provides data management and energy measurement tools to the natural gas sector.
| Issuer: | Metretek Technologies, Inc.
|
| Issue: | Stock
|
| Amount: | $28,175,672
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| Shares: | 2,012,548
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| Price: | $14.00
|
| Warrants: | No
|
| Announcement date: | March 29
|
| Stock symbol: | Amex: MEK
|
| Stock price: | $16.02 at close March 29
|
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