New York, May 23 - O2 Diesel Corp. said it has closed the final $621,800 tranche of a $1,962,400 private placement.
The company sold 888,285 shares at $0.70 each in the second tranche.
On March 17, the first tranche was closed when the company sold $1,340,600 of shares.
The investors also received warrants for half of the shares issued. The warrants are exercisable at $0.70 each for the first year and $1.05 each thereafter.
O2's board of directors has also approved a second subscription for 4.34 million shares, which would allow for additional proceeds of $3,038,000, but the closing of that additional subscription requires certain conditions to be met by the company. Shareholder approval for that subscription will be requested at a meeting on May 31.
Based in Newark, Del., O2 develops cleaner-burning diesel fuel alternatives.
| Issuer: | O2 Diesel Corp.
|
| Issue: | Stock
|
| Amount: | $621,800 (total now $1,962,400)
|
| Shares: | 888,285
|
| Price: | $0.70
|
| Warrants: | Equal to half the shares issued
|
| Warrant strike price: | $0.70 for the first year; $1.05 thereafter
|
| Pricing date: | Jan. 21
|
| Settlement date: | May 23
|
| Stock price: | $0.83 at close Jan. 21
|
| Stock price: | $1.56 at close May 23
|
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