Syntroleum Corporation announced today that it has received a commitment for up to $40 million in common stock equity financing from Azimuth Opportunity Ltd. Over the next two years.
Net proceeds from any sale of the securities will be used for general corporate purposes, which may include funding commercialization of Syntroleum’s coal to liquids and gas to liquids technologies, research and development, preparations and filing of patents, increasing working capital, funding potential investments in businesses or technologies that are complementary to Syntroleum’s, and capital expenditures.
The total amount of shares of common stock Azimuth is committed to purchase is dependent, in part, on Syntroleum’s stock price at the time of sale, with Syntroleum controlling the amount and timing of stock sold. Syntroleum is not obligated to utilize any of the $40 million available under this agreement. The shares of common stock subject to the agreement will be issued pursuant to a shelf registration statement filed by Syntroleum with the Securities and Exchange Commission and declared effective on June 6, 2001.