Syntroleum Gets $12M in Equity Financing

Under the agreement, an affiliate of Fletcher will make an initial $3 million investment within the next six months at the market price of Syntroleum stock plus 60 cents per share.

Fletcher will buy an additional $9 million in stock in months seven through 24 of the deal at the prevailing price less 20 cents per share. Warrants will be issued for 50 percent of the shares purchased in the later investments, with an exercise price equal to the price of the first later investment plus 40 cents per share.

Syntroleum plans to use proceeds to build its first renewable synthetic fuels facility.

The issuance of the stock is subject to certain closing conditions.

Shares of Syntroleum have traded between $1.13 and $4.38 over the past 52 weeks.