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USA Synthetic Fuel Corporation secures funding from Kodiak Capital Group

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USA Synthetic Fuel Corporation (OTCQB: USFC), a cleantech company focused on ultra clean btu converter commercial deployment, is to receive up to USD20m in investment funds from Kodiak Capital Group, LLC, a New York-based institutional investor.

"We are pleased to receive this commitment from Kodiak, a well respected team that has shown confidence in our growth strategy," says Dr Steven C Vick, President and CEO of USA Synthetic Fuel Corporation. "This agreement provides added flexibility to raise additional capital, at very short notice, at a modest discount. The availability of additional working capital will help us strategically grow the business as we leverage our relationships."

USA Synthetic Fuel Corporation expects to file a registration statement with the US Securities and Exchange Commission covering the sale of any shares that may be issued to Kodiak under the agreement. Once the registration statement is effective, Kodiak is obligated to purchase shares of the company’s common stock from time to time at the Company’s discretion. Sales of shares will be made in specified amounts and at prices that are based upon a predetermined discount to the market price of the common stock. The company can terminate the agreement at any time without cost or penalty.

Feargal Gleeson, Director of Research at Kodiak, says: "We look forward to partnering with USFC management and adding the Company to our budding portfolio of alternative energy companies. We believe in management’s efforts to grow the Company and look forward to providing them with the necessary capital needed to achieve their potential in the coming years."

No placement agent or underwriting fees are payable in connection with this transaction. USA Synthetic Fuel Corporation intends to use the proceeds of this transaction for general working capital including advancing the Lima Energy and Cleantech Energy ultra clean btu converter projects.

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