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Magnegas's Coffers Replenished By Warrants Exercise

|Includes: MagneGas Corporation (MNGA)

Cleantech firm MagneGas (NASDAQ:MNGA) has had its coffers replenished by more than US$3mln through the conversion of some warrants.

The decision by warrants holders to pay to convert the warrants to shares means MagneGas's current unaudited cash balance is positive to the tune of some US$5mln.

The cash will be used to continue to execute on operational plans and for working capital, MagneGas told investors.

"We are pleased to announce that going into 2016, we have a strengthened cash position and we do not intend to raise capital in the near term," said Ermanno Santilli, chief executive (NYSE:CEO) of MagneGas Corporation.

"I believe it is important that we continually update investors on our activities. Keeping investors abreast of our financial position is one such update. We believe that with the additional cash received from these warrants, and our recently announced equipment sale to Green Arc Supply in Louisiana, we will start next year in a position of strength and our focus will be strategy execution," the CEO added.

Prior to the warrant exercises the company had 41.22mln common shares outstanding; this has now risen to 44.19mln.