MagneGas enters $5M funding agreement, shares halted

|About: MagneGas Corporation (MNGA)|By:, SA News Editor

Magnegas (MNGA) enters into an agreement with an unnamed institutional investor for $5M in financing; MNGA plans to use proceeds for general corporate purposes, including working capital and potential acquisitions.

MGNA also will issue 2M shares of its common stock and Series C convertible preferred stock convertible into nearly 1.5M common shares; the purchase price and conversion price of the preferred stock is $1.45/share.

Shares halted.