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Latest New Generation stock issue worth $1.64 million

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New Generation Biofuels Holdings Inc. (NASDAQ: NGBF) closed the second round of a private placement of common stocks and warrants this week worth $1.64 million.
The firm had earlier raised $1.5 million on March 4, bringing its total private placement to $3.17 million.
In the second installment, the company issued more than 2 million shares of common stock at a price of 80 cents per share.
Investors received five-year exercisable warrants for a number of shares equal to the same number of shares they purchased at a price of 90 cents a share. The lead investor in the second round was 2020 Energy LLC. The managing member of 2020 Energy has partnered with the inventor of the company’s proprietary biofuel technology, Ferdinando Petrucci, to form PTJ Bioenergy Holdings Ltd. As a result 2020 Energy now holds 7.3 million shares, or about 29.5 percent of the New Generation’s outstanding stock. 2020 Energy first got involved as an affiliate when it bought 5.3 million shares of NewGen’s stock from Global Energy Holdings Group (formerly Xethanol Corporation) on March 17.
New Generation Biofuels Holdings Inc. (NGBF) is a development stage renewable fuel provider based in Lake Mary, FL. It holds an exclusive license for North America, Central America and the Caribbean to “commercialize proprietary technology to manufacture alternative biofuels from vegetable oils and animal fats.”
Its product can be used as a replacement for diesel, #2 heating oil, kerosene and other fuel oils.
It said on Thursday (April 2) that it produced and delivered its first truckload sale to a customer from its commercial-scale facility in Baltimore. The shipment went to Delta Chemical.
The company says it has a nominal production capacity of 5 million gallons a year, expandable to up to 50 million gallons. Its plan is to target large stationary users such as the power generation industry, commercial and inductrial processes and space heating, as well as marine transportation.

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Written by William DiBenedetto

3 April, 2009 at 8:16 am

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