Sacramento-based Pacific Ethanol raises $8 million in new capital Share
Published: Friday, Dec. 9, 2011 - 9:17 am Pacific Ethanol Inc. said today it raised $8 million in new capital from investors and will use much of the money to increase its ownership stake in its production plants.
The Sacramento ethanol producer said it will issue more than 7.6 million shares of new stock to the investors in a private placement at $1.05 a share. The investors also have the right to buy additional shares at $1.50. The investors weren't identified.
Pacific Ethanol will use a little more than half of the proceeds from the private stock sale to increase its stake in its four plants by 7 percentage points. When that deal closes, it will own 34 percent of the plants.
The company lost the four plants to creditors in bankruptcy, but has been managing the facilities while gradually buying back ownership of the facilities.
Pacific Ethanol shares fell 8 cents to $1.21 in morning Nasdaq trading.
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