GreenHunter Resources Inc. (NYSE MKT:GRH) (NYSE MKT:GRH.PRC), a diversified water resource, fluids management, and environmental services company specializing in the unconventional oil and natural gas shale resource plays, has reported the closing of a private placement of approximately $1.5 million aggregate principal amount of the company’s unsecured term notes due one year from the date of issuance together with 129,777 common stock purchase warrants. Each warrant entitles the holder to purchase one share of common stock of GreenHunter at a price of $2.25 per share.
These warrants have an expiration date of five years from the date of issuance. Fifteen separate individuals or entities purchased the notes along with two members of GreenHunter’s senior management, including its chairman. The company will use the net proceeds from this offering for the sole purpose of building MAG Tank panel inventory, the company’s above-ground modular storage tank.