Shares of MagneGas (NASDAQ: MNGA) are down more than 16% in mid-morning trade after the waste conversion company announced its agreement with a single institutional investor for a registered direct placement of approximately $3 million. The Securities Purchase Agreement provides for the sale of $2.5 million of pre-funded warrants which are exercisable into 5,102,041 shares and $500,000 in payment for 1,020,408 shares. The placement is expected to close on or before November 18, 2016, subject to satisfaction of customary closing conditions.
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About MagneGas Corporation
MagneGas® Corporation (MNGA) owns a patented process that converts various renewables and liquid wastes into MagneGas fuels. These fuels can be used as an alternative to natural gas or for metal cutting. The Company’s testing has shown that its metal cutting fuel “MagneGas2®” is faster, cleaner and more productive than other alternatives on the market. It is also cost effective and safe to use with little changeover costs. The Company currently sells MagneGas2® into the metal working market as a replacement to acetylene.
The Company also sells equipment for the sterilization of bio-contaminated liquid waste for various industrial and agricultural markets. In addition, the Company is developing a variety of ancillary uses for MagneGas® fuels utilizing its high flame temperature for co-combustion of hydrocarbon fuels and other advanced applications. For more information visit www.MagneGas.com
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