NEWS
Date:
Wednesday, July 09, 2008
| Trading Symbol: OTCBB: RVBF
Raven Biofuels International Corporation Secures $10 Million Equity Commitment
PARAMUS, NJ, July 9, 2008 Raven Biofuels International Corporation (OTC BB:RVBF.OB) has secured an equity funding commitment from Blackhawk Investments Ltd. and Clean Energy Holding Corp. for $10 Million. On June 30, 2008, Blackhawk Investments entered into a private placement of up to 8 million units for aggregate gross proceeds of up to $8 million. And on July 3, 2008, Clean Energy Holding Corp entered into a private placement for up to 2 million units for aggregate gross proceeds of up to $2 million. Each unit will consist of one share of common stock and one share purchase warrant, with each warrant exercisable for two years from closing at the price of $1.50 per share.
Raven plans to allocate at least $8 million of the proceeds towards the project finance of its first cellulosic ethanol biorefinery. Construction costs are projected to be USD$30,000,000. The balance will be contributed to Raven's operations.
The securities offered in the private placements will not be or have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
For further information about Raven Biofuels International Corporation, please visit the website at www.ravenbiofuelsinternational.com or contact us at:
Contact: Raven Biofuels International Corporation 1-866-433-3356
This website contains historical and archived press releases for Raven Biofuels International Corporation. The information in these press releases is historical in nature, has not been updated, and is current only to the date indicated in the particular press release. This information may no longer be accurate and therefore you should not rely on the information contained in these press releases. To the extent permitted by law, Raven Biofuels International Corporation and its employees, agents and consultants exclude all liability for any loss or damage arising from the use of, or reliance on, any such information, whether or not caused by any negligent act or omission.
Raven Biofuels news releases contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, including without limitation those statements regarding the ability of Raven Biofuels International Corporation (“Raven” or the “Company”) to exploit, develop, acquire, finance, operate, or make profitable, any of the commercial opportunities discussed or described herein. These forward-looking statements are not historical facts and can be identified by the use of forward-looking words or phraseology such as “believes,” “expects,” “may,” “intends,” “anticipates,” “plans,” “estimates,” and analogous or similar other expressions intended to identify such forward-looking statements. Actual results could differ materially from those reflected in such forward looking statements. Raven and its principals will not assume any obligation to update any of the forward-looking statements to reflect any events, facts, or circumstances that may arise other than as may be required by applicable law or regulation.
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