Omnitek Engineering Corp., a company that develops and markets natural gas engines and diesel-to-natural gas conversion systems, has secured $5 million in new investment capital through a a private placement of common stock and warrants.
‘The completion of this financing will greatly accelerate the build-out of our national network of diesel-to-natural-gas conversion facilities,’ says Werner Funk, Omnitek's president and CEO. ‘There is enormous pent-up demand for truck engine conversions in the U.S. market, as well as other substantial opportunities.’
Under the terms of the financing, the company will issue shares of common stock at a price of $2.12 and warrants to a group of investors at an exercise price of $3.88, with a five-year term. Merriman Capital Inc. acted as the sole placement agent in connection with the transaction.
