KFx Inc. Announces Exercise of Over-Allotment Option
prnewswire.com
DENVER, Feb. 27 /PRNewswire-FirstCall/ -- KFx Inc. (Amex: KFX), an energy
production company, announced today that the underwriters of its follow-on
public offering of 7,000,000 shares, which closed on February 8, 2006, have
exercised in full their over-allotment option, purchasing 1,050,000 additional
shares of Common Stock. Including the over-allotment shares purchased today,
the offering totaled 8,050,000 shares of Common Stock at a price to the public
of $18.75 per share, resulting in net proceeds to KFx of approximately
$144.4 million after deducting the underwriting discounts and commissions and
the estimated offering expenses.
Jefferies & Company, Inc. is the sole book-running manager for the
offering with Hibernia Southcoast Capital and Johnson Rice & Co. as
co-managers.
KFx intends to use the net proceeds of the offering to fund the
contemplated acquisition of Buckeye, plant facility construction costs, the
purchase of a coal-fired boiler and general corporate purposes. If KFx is
unable to consummate the acquisition of Buckeye, it will use the proceeds to
further the development of our K-Fuel(TM) plants and for any acquisitions it
may identify in the future.
Copies of the final prospectus supplement and the accompanying prospectus
relating to the offering may be obtained from Jefferies & Company, Inc. at 520
Madison Ave., 12th Floor, New York, New York 10012.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any shares of KFx Inc.'s common stock, nor
shall there be any sale of these securities in any jurisdiction in which such
an offer, solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
About KFx
KFx Inc. offers combined energy, environmental and economic solutions to
coal-fired power generating facilities and industrial coal users in the United
States and internationally. Our proprietary K-Fuel(TM) process uses heat and
pressure to physically and chemically transform high moisture, low-Btu coals,
such as subbituminous coal and lignite, into a more energy efficient,
lower-emission fuel. A co-benefit of the K-Fuel(TM) process is the removal of
significant amounts of impurities, including mercury, and the reduction of
emissions of sulfur dioxide and nitrogen oxide.
Forward-Looking Statements
Statements in this news release that relate to future plans or projected
results of KFx are 'forward-looking statements' within the meaning of Section
27A of the Securities Act of 1933, as amended by the Private Securities
Litigation Reform Act of 1995 (the "PSLRA"), and Section 21E of the Securities
Exchange Act of 1934, as amended by the PSLRA, and all such statements fall
under the 'safe harbor' provisions of the PSLRA. Our actual results may vary
materially from those described in any 'forward-looking statement' due to,
among other possible reasons, the realization of any one or more of the risk
factors described in our Annual Report on Form 10-K, or in any of our other
filings with the Securities and Exchange Commission, all of which filings any
reader of this news release is encouraged to study. Readers of this news
release are cautioned not to put undue reliance on forward-looking statements.
SOURCE KFx Inc.
Web Site: kfx.com |
