Pacific Ethanol Closes US $28.5 Million Financing

Pacific Ethanol, Inc. announced that it has completed a Registered Direct Offering, which was previously announced on May 23, 2008. This transaction raised US $28.5 million in gross proceeds through the sale of 6 million units.

Each unit consisted of one share of common stock and one warrant to purchase 0.50 shares of common stock, at a purchase price of US $4.75 per unit.

“This investment of US $28.5 million immediately strengthens our balance sheet, supports Pacific Ethanol’s goal of being a low cost producer of ethanol, and positions us for continued growth of our company,” said Neil Koehler, President and CEO of Pacific Ethanol.

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