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Syntroleum Receives $12 Million in Committed Equity Financing

Synthetic fuels company Syntroleum Corporation has entered into an agreement with an affiliate of Fletcher Asset Management which requires Fletcher to purchase $12 million of Syntroleum common shares over the next 24 months pursuant to its existing shelf registration statement. The issuance of the securities is subject to certain closing conditions.

Under the terms of the agreement, Fletcher will make an initial $3 million investment within the next six months at the market price of Syntroleum common stock plus $0.60 per share. If that market price equals the 16 November 2007 closing price of $1.49 per share, shares would be sold at a premium of 40%.

Fletcher will make later investments of $9 million in months 7 through 24 of the agreement at the prevailing price minus $0.20 per share. Warrants will be issued for 50% of the shares purchased in the later investments, with an exercise price equal to the price of the first later investment plus $0.40 per share.

Syntroleum recently entered into a partnership with Tyson Foods to develop and build a plant that produces Fischer-Tropsch synthetic diesel and jet fuels using low grade fats and greases as feedstocks. (Earlier post.)


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EDS, the operational integrator for the contracts, will see approximately 1,500 Shell IT staff and contractors join the company throughout 65 countries, according to the report. Additionally, about 900 Shell staff will transfer to T- Systems and 560 to AT&T, with employees mainly coming from Malaysia, the Netherlands, the UK and the U. S., the report stated.


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