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THE GNI GROUP, INC. COMPLETES PUBLIC OFFERING

 HOUSTON, April 16 /PRNewswire/ -- The GNI Group, Inc. (NASDAQ: GNUC) announced today that it has completed the public offering of 1,840,000 shares of its common stock. The company sold 1,214,000 shares (including 114,000 overallotment option shares) for its own account and 626,000 shares (including 126,000 overallotment option shares) were sold for the account of certain selling stockholders. Raymond James & Associates, Inc. acted as the representative of the underwriters.
 The company received proceeds of approximately $9.5 million (after deduction of the underwriting discount). The company incurred approximately $500,000 in expenses relating to the offering, leaving net proceeds of approximately $9 million.
 The company intends to use the net proceeds from the offering to construct certain additions to the company's chemical recovery facility, to reduce its debt, and for general corporate purposes. Pending these uses, the company may invest a portion of the net proceeds of this offering in short-term investment grade securities or reduce the revolving line of credit extended by a commercial bank, which the company uses primarily for working capital purposes.
 The GNI Group, Inc. provides specialized chemical recovery and processing services and treats and disposes of hazardous and non- hazardous waste and by-product streams. The company's principal services include the recycling and processing of chemicals and related by-products; the disposal by deepwell injection of liquid industrial wastes; and the treatment and final disposal of a variety of waste and by-product streams. Its principal executive offices are located at 2525 Battleground Road, Deer Park, Texas 77536.
 -0- 4/16/93
 /CONTACT: Titus H. Harris III, executive vice president and CFO of The GNI Group, 713-930-0350; or Pat L. Hoyt of Hoyt & Associates Investor Relations, 713-665-2549/
 (GNUC)


CO: GNI Group, Inc. ST: Texas IN: SU: OFR

WB -- NY044 -- 6781 04/16/93 12:59 EDT
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Publication:PR Newswire
Date:Apr 16, 1993
Words:304
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