(TradingMarkets) -- Cereplast, Inc. announced that it has entered into definitive agreements with institutional investors to purchase 2,137,642 units for gross proceeds of approximately $7.5 million before placement agent fees and offering expenses.
According to a release, the offering is made pursuant to the Form S-3 shelf registration statement that was filed by Cereplast with the Securities and Exchange Commission (SEC). The offering is expected to close on or about June 15, subject to the satisfaction of customary closing conditions. Cereplast intends to use the net proceeds from the offering for general corporate purposes.