Orion Ethanol settles $12.43 million convertible notes sale

By Sheri Kasprzak

New York, Nov. 7 - Orion Ethanol, Inc. wrapped a $12.43 million private placement of convertible notes.

The full terms of the offering could not be determined by press time Tuesday.

Proceeds will be used for required deposits with the company's primary engineering, procurement and construction contractor Lurgi PSI, Inc. to construct its Enid, Okla., and Shattuck, Okla., ethanol plants.

Global Hunter Securities LLC was the placement agent.

Orion, based in Pratt, Kan., expects to begin producing ethanol in July 2007. It is constructing two ethanol plans in Oklahoma. Orion had previously been known as RTO Holdings, Inc.

The stock closed unchanged at $21.00 on Tuesday (OTCBB: OEHL).

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