Taronis Fuels, Inc. announced that it has received $1.25 million in funding
September 01, 2021
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Taronis Fuels, Inc. announced that it has entered into a note purchase agreement for a private placement of convertible promissory notes for gross proceeds of $1,250,000 on September 2, 2021. The transaction included participation from an institutional investor. The notes, which carry a 1% annual interest rate and mature on September 2, 2028, are convertible into shares of the company’s common stock at $7 per share at the option of the holder. The securities are issued pursuant to the exemption from the registration requirements of the Securities Act of 1933,for transactions by an issuer not involving any public offering under Section 4(a)(2) of the Securities Act.
Taronis Fuels, Inc. is a renewable fuel and power generation company. The Company manufactures and distributes industrial, medical, specialty and beverage gases and associated welding and safety supplies through its subsidiary, MagneGas Welding Supply. The Company operates over 15 retail locations and two gas fill plants. The Companyâs gas fill plants create industrial, medical, specialty and beverage gas products that are distributed to its wholesale and retail customers. The Company also supplies its customers with products ranging from bulk quantities of cryogenic gases to individual packaged gas cylinders. The Company has a diversified customer base in both the wholesale and retail markets. The Company has the expertise, assets and sources of supply necessary to service large, bulk cryogenic gas customers as well as small one-man businesses.