Pacific Ethanol acquires 42% of front range energy.
The ICM-designed Front Range facility is currently running at an annual production rate of 47 million gallons. The plant began full production in June 2006.
Pacific Ethanol purchased 10,095 Class B Voting Units, representing a 42% interest in Front Range, in exchange for $30 million in cash, 2,081,888 shares of Pacific Ethanol common stock, and a warrant to purchase up to 693,963 shares of common stock at any time before Oct. 17, 2007 at an exercise price of $14.41 per share.
The number of shares issued to the seller was calculated to have a value of $30 million, based on the average of the closing prices of Pacific Ethanol's common stock for the 10 trading days preceding the closing.
Contact: Pacific Ethanol, 559-435-1771, www.pacificethanol.net.
(EIN STAFF: 10/20)
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|Title Annotation:||Industry Report|
|Publication:||Alternative Transportation Fuels Today|
|Date:||Oct 23, 2006|
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