SOURCE: BioNitrogen Corporation
DORAL, FL--(Marketwire - Feb 5, 2013) - BioNitrogen Corporation (PINKSHEETS: BION), a cleantech company that utilizes proprietary technology to build environmentally-friendly plants that convert biomass into urea fertilizer, announced today a private placement of 12% Senior Secured Convertible Debentures for gross proceeds up to $1.5 million.
Each Unit is comprised of a 12% convertible Debenture and one-half warrant, which is exercisable on or before December 31, 2013. The Debentures will bear interest at 12% per annum and mature on December 31, 2013. The Debentures are convertible into common shares at the holder's option at any time from the date of issuance at a price of $0.20 per common share.
The proceeds of the Private Placement will be used to fund BioNitrogen's initial plant engineering work, working capital and general purposes.
About BioNitrogen Corporation
BioNitrogen Corp. (PINKSHEETS: BION) is a cleantech company that utilizes proprietary technology to build environmentally-friendly plants that convert biomass into urea fertilizer. Our mission is to provide safe, cost effective, green solutions that are economically beneficial in locations where biomass is produced and urea is consumed. Additional information can be found at www.BioNitrogen.com.
Safe Harbor Statement
The forward-looking statements contained in this document involve risks and uncertainties that may affect the Company's operations, markets, products, services, prices and other factors as discussed in filings with the Securities and Exchange Commission. These risks and uncertainties include, but are not limited to, economic, competitive, legal, governmental and technological factors. Accordingly, there is no assurance that the Company's expectations will be realized. The Company assumes no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.