Those biofuels are made from animal fats and vegetable oils. The company has targeted what it describes as a new class of biofuels for power generation, commercial and industrial heating and marine use.
In its placement, New Generation Biofuels agreed to sell 1,907,500 shares of its common stock in the offering at a price of $0.80 per share.
Each investor in the offering also received a warrant exercisable for a number of shares of our common stock equal to the number of shares purchased by each investor at an exercise price of $0.90
