The sale of the shares closed on March 8. The net proceeds from the offering after the payment of commissions and expenses will be approximately $2,025,000. The company expects to use the proceeds for possible acquisitions and planned expansions of its facilities, as well as for working capital needs and general corporate purposes.
In conjunction with a May 27, 2005, placement agency agreement with Starlight Investments, Blue Dolphin also issued warrants to purchase an aggregate of 8,572 shares of common stock. The warrants vest immediately upon issuance and the exercise price per share varies based on the following conditions:
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