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| The algae oil factory of PetroAlgae Inc. | ||
PetroAlgae Inc., a leading developer of systems to derive biodiesel fuels from algae, today announced that it has closed on a $10 million capital raise through the sale of approximately 3.2 million of newly-issued shares of common stock to two existing investors.
"The proceeds from this offering are expected to help finance the launch of PetroAlgae's most significant milestone to-date, the commercialization of its first biodiesel product derived from algae," said Dr. John Scott, Chairman of the Board of PetroAlgae Inc. "As a result, 2009 could represent the breakthrough year not only for PetroAlgae but for the entire biodiesel and alternative energy markets. We are pleased to be able to position PetroAlgae at the forefront of these emerging markets and look forward to providing our shareholders, employees and customers with our detailed commercialization strategy in the weeks ahead," concluded Dr. Scott.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering would be unlawful.
(BUSINESS WIRE)
