Millennium Cell Completes Private Placement

June 18, 2002 by Jeff Shepard

Millennium Cell Inc. (Eatontown, NJ) announced that it has completed a $15.0 million private placement that will make sufficient funds available to sustain company operations through 2004, to the point at which the company projects cash self-sufficiency. The company will receive $3.0 million at closing from the sale of common stock and $12.0 million in the form of phased convertible notes maturing in June 2005.

"Prior to this financing, Millennium Cell had cash available to finance our business plan for more than a year," said Millennium Cell President and CEO Stephen Tang. "Nevertheless, we have undertaken this financing despite current market volatility in order to assure our customers and investors that we have ample cash available to fund our business plan beyond the anticipated period late in 2004, when we expect to be cash-flow positive."