SEATTLE, March 5, 2014 /PRNewswire/ -- ClearSign Combustion Corporation (Nasdaq: CLIR), a Washington corporation, announced today that it has consummated the previously announced registered direct offering of 812,500 shares of its common stock with certain institutional investors at a price of $8.00 per share for gross proceeds of $6,500,000. The Company intends to use the net proceeds from this offering for research and development, protection of intellectual property, business development and marketing, and for working capital and general corporate purposes.
Brean Capital LLC acted as the sole placement agent in connection with the transaction.
A registration statement relating to the shares described above was previously filed with and has become effective by rule of the Securities and Exchange Commission (SEC). A prospectus supplement relating to the offering has been filed with the SEC. Electronic copies of the prospectus supplement and related prospectus may be obtained at the SEC's website at http://www.sec.gov, or from the offices of Brean Capital, LLC, 1345 Avenue of the Americas, 29th Floor, New York 10105, by telephone at 212-702-6500 or by e-mail at syndicate@breancapital.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the shares in any state or other jurisdiction which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About ClearSign Combustion Corporation
ClearSign Combustion Corporation designs and develops technologies that aim to improve key performance characteristics of combustion systems including energy efficiency, emissions control, fuel flexibility and overall cost effectiveness. Our Duplex™ Burner Architecture and Electrodynamic Combustion Control™ (ECC™) platform technologies improve control of flame shape and heat transfer and optimize the complex chemical reactions that occur during combustion in order to minimize harmful emissions. For more information about the Company, please visit www.clearsign.com
Cautionary note on forward-looking statements
This press release includes forward-looking information and statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Except for historical information contained in this release, statements in this release may constitute forward-looking statements regarding our assumptions, projections, expectations, targets, intentions or beliefs about future events that are based on management's belief, as well as assumptions made by, and information currently available to, management. While we believe that our expectations are based upon reasonable assumptions, there can be no assurances that our goals and strategy will be realized. Numerous factors, including risks and uncertainties, may affect our actual results and may cause results to differ materially from those expressed in forward-looking statements made by us or on our behalf. Some of these factors include the acceptance of existing and future products, the impact of competitive products and pricing, general business and economic conditions, and other factors detailed in our Quarterly Report on Form 10-Q and other periodic reports filed with the SEC. We specifically disclaim any obligation to update or revise any forward-looking statement whether as a result of new information, future developments or otherwise.
SOURCE ClearSign Combustion Corporation