Los Angeles-Rentech Inc. said Sept. 23 that it signed a definitive subscription agreement to sell to institutional investors an aggregate of 11,111,000 shares of its common stock at a price of $1.80 per share, for gross proceeds of approximately $20.0 million. The net proceeds of the financing will be used for general corporate purposes, including funding a portion of the development costs related to Rentech’s recently announced renewable synthetic fuels and power project in Rialto, Calif. The sale of the common stock was expected to close Sept. 28, 2009.
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