Millennium Cell Completes $6 M Financing

Eatontown, New Jersey [] Millennium Cell Inc. has completed a $6 million private placement of convertible unsecured debentures and warrants based on a 35% coverage ratio. The Unsecured Debentures and the warrants were sold to six unaffiliated institutional and accredited investors. Millennium Cell filed a Current Report on Form 8-K with the SEC. H. David Ramm, Millennium Cell Chief Executive Officer, said, “We are very pleased to close on this transaction which provides us with the necessary funding to continue our push to commercialization with our partners and licensees and expect to see hydrogen batteries moving towards military and commercial availability in 2008.”
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