By Sheri Kasprzak
New York, April 20 - O2Diesel Corp. said it plans to raise $6.5 million from two private placements.
In the first offering, the company intends to sell 5,333,333 shares at $0.75 each to UBS AG. UBS will also receive warrants for 2,666,667 shares, exercisable for 42 months at $0.825 each.
In the second deal, the company will sell 3,333,333 shares at $0.75 each to Standard Bank plc. Standard Bank will receive warrants for 1,666,667 shares, exercisable at $0.825 each for five years.
The offerings are being conducted because, according to the latest earnings report, O2Diesel will require additional equity to continue as a going concern.
Based in Newark, Del., O2Diesel develops cleaner-burning diesel fuel.
First issue
| Issuer: | O2Diesel Corp.
|
| Issue: | Stock
|
| Amount: | $4 million
|
| Shares: | 5,333,333
|
| Price: | $0.75
|
| Warrants: | For 2,666,667 shares
|
| Warrant expiration: | 42 months
|
| Warrant strike price: | $0.825
|
| Investor: | UBS AG
|
| Settlement date: | April 20
|
| Stock symbol: | Amex: OTD
|
| Stock price: | $1.64 at close April 20
|
|
|
| Second issue
|
| Issuer: | O2Diesel Corp.
|
| Issue: | Stock
|
| Amount: | $2.5 million
|
| Shares: | 3,333,333
|
| Price: | $0.75
|
| Warrants: | For 1,666,667 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.825
|
| Investor: | Standard Bank plc
|
| Pricing date: | April 20
|
| Stock symbol: | Amex: OTD
|
| Stock price: | $1.64 at close April 20
|
|
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