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Earth Biofuels Announces $52.2M Private Offering

Earth Biofuels, Inc. (OTCBB: EBOF) has entered into definitive agreements to sell $52.5 million senior convertible notes that are due in 2011 to several institutional and accredited investors in a private placement exempt from registration under the Securities Act of 1933. Cowen and Company acted as the exclusive placement agent for the offering. The notes initially carry an 8 percent coupon, payable quarterly, and are convertible into shares of common stock at $2.90 per share which represents a premium to the 10-day volume weighted average price. In 2007, the coupon may decline to 6 percent upon the Company achieving certain financial milestones. The notes will begin to amortize in equal, quarterly payments beginning in 2007. The Company also issued warrants to purchase 9,051,725 shares of common stock at $2.90 per share that expire in July 2011. The Company expects to use the proceeds from the sale for the repayment of its 8 percent senior convertible notes that were previously issued, for its program of building and acquiring interests in biodiesel and ethanol production facilities, and for other general corporate purposes. Website: http://www.earthbiofuels.com     

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NASA's Goals Delete Mention of Home Planet

By Andrew C. Revkin From 2002 until this year, NASA’s mission statement, prominently featured in its budget and planning documents, read: “To understand and protect our home planet; to explore the universe and search for life; to inspire the next generation of explorers … as only NASA can.” In early February, the statement was quietly altered, with the phrase “to understand and protect our home planet” deleted. In this year’s budget and planning documents, the agency’s mission is “to pioneer the future in space exploration, scientific discovery and aeronautics research.” David E. Steitz, a spokesman for the National Aeronautics and Space Administration, said the aim was to square the statement with President Bush’s goal of pursuing human spaceflight to the Moon and Mars. But the change comes as an unwelcome surprise to many NASA scientists, who say the “understand and protect” phrase was not merely window dressing, but actively influenced the shaping and execution of research priorities. Without it, these scientists say, there will be far less incentive to pursue projects to improve understanding of terrestrial problems like climate change caused by greenhouse gas emissions. “We refer to the mission statement in all our research proposals that go out for […]

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