Rentech (RTK) to Sell 11.11M Shares at $1.80 for Gross Proceeds of $20M
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Rentech, Inc. (AMEX: RTK) announced today that it has signed a definitive subscription agreement to sell to institutional investors an aggregate of 11,111,000 shares of its common stock at a price of $1.80 per share for gross proceeds of approximately $20.0 million. The net proceeds of the financing will be used for general corporate purposes, including to fund a portion of the development costs related to Rentech's recently announced renewable synthetic fuels and power project in Rialto, California. The sale of the common stock is expected to close on September 28, 2009, subject to the satisfaction of customary closing conditions.
Brean Murray, Carret & Co., LLC acted as exclusive placement agent in connection with the offering.
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