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PetroAlgae Inc., a leading developer of systems to derive biodiesel fuels from algae, announced on Dec 26 that it has closed on a $10 million capital raise through the sale of approximately 3.2 million of newly-issued shares of common stock to two existing investors.
“The proceeds from this offering are expected to help finance the launch of PetroAlgae’s most significant milestone to-date, the commercialization of its first biodiesel product derived from algae,” said Dr. John Scott, Chairman of the Board of PetroAlgae Inc.
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