KiOR +35% following $25M financing update

|By:, SA News Editor

KiOR (KIOR +35.5%) rallies following a filing updating its senior secured promissory note and warrant purchase agreement.

The 2014 note purchase agreement contemplates multiple tranches of financing of up to $25M: The initial tranche closed April 3 and consisted of the purchase by KFT Trust of $5M of senior secured notes in exchange for a like amount of cash, and the second tranche, which closed May 22, consisted of an identical $5M purchase by KFT.

In connection with the second tranche closing, KiOR issued to KFT a 2014 Warrant to purchase 872.6K common shares at $0.573 each.