Taronis Technologies Inc (fka TRNX)

[ClarkKant]

TAMPA, Fla., March 25, 2014 /PRNewswire/ -- MagneGas Corporation ("MagneGas" of the "Company") (NASDAQ: MNGA) today announced that it has entered into definitive agreements with an institutional investor for a financing of $5 million in gross proceeds. Under the terms of the agreements and pursuant to an effective shelf registration statement, MagneGas will issue 2,000,000 shares of its common stock and Series C Convertible Preferred Stock convertible into 1,448,276 shares of common stock. The per share purchase price for the common stock and the conversion price of the preferred stock is $1.45, resulting in gross proceeds of $5 million. The transaction also provides for the issuance by the Company of unregistered warrants to purchase up to 1,724,138 shares of common stock of the Company with an initial exercise price of $2.15.