Pacific Ethanol Closes $28.5 Million Financing

Sacramento, California, — Pacific Ethanol, Inc. (NASDAQ GM: PEIX) announced that it has completed a Registered Direct Offering, which was previously announced on May 23, 2008. This transaction raised $28.5 million in gross proceeds, before deducting placement agent’s fees and estimated offering expenses, through the sale of 6.0 million units, each unit consisting of one share of common stock and one warrant to purchase 0.50 shares of common stock, at a purchase price of $4.75 per unit. The warrants will first become exercisable after six months from the closing of the financing at a price of $7.10 per share. Link. Chart.