This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

USA Synthetic Fuel Corporation Receives Significant Equity And Debt Investments, Purchases BOE Energy Asset, And Continues Progress Toward Delivering “Low Cost Clean Energy” Synthetic Fuels

USA Synthetic Fuel Corporation (OTCQB:USFC) (“USASF” or “the Company”) announced today that it has received $35 million in debt financing from Third Eye Capital, a leading special situations investor based in Toronto, Canada with established expertise in resource lending and other complex assets. In addition, Global Energy, Inc. (“Global Energy”), having launched USASF in 2010, purchased 1.1 million shares of common stock of the Company for $11 million.

The Company used some of the proceeds of the equity and debt investments to purchase a BOE (barrel of oil equivalent) Energy asset consisting of approximately 50 million tons of Illinois Basin coal located in Indiana. Consideration for the transaction was $50 million, consisting of $25 million in cash and $25 million in common stock of the Company (2.5 million shares). The purchased energy asset has an estimated energy equivalent of 200 million barrels of oil, according to the Company, and represents a 50 year fuel supply for USASF’s subsidiary, Lima Energy Company (“Lima Energy”), which is developing and constructing an Ultra Clean Btu Converter in Lima, Ohio. This facility will be designed to enable solid hydrocarbon resources, such as coal, petroleum coke, and renewables, to be transformed into lower cost synthetic fuel products, such as ultra clean synthetic crude, diesel, jet, gasoline, and synthetic natural gas. The balance of the proceeds from the equity and debt investments will be used to purchase land for the Lima Energy project, continue site work, and for working capital and general corporate purposes.

USASF’s goal is to develop and construct Ultra Clean Btu Converters in several U.S. locations within the next ten years, utilizing solid hydrocarbon resources such as those acquired from Global Energy. The Company believes that its Lima Energy project is one of the most fully developed gasification projects in the United States.

USASF President and CEO Dr. Steven C. Vick commented, “It makes sense that capital for innovative environmentally sound energy technology development would come from Canada, where decades of success with alternative energy have built a national energy treasure. Now USA Synthetic Fuel Corporation is closer to bringing its energy technology innovation to America’s top natural energy resource with the deployment of Ultra Clean Btu Converters across the USA. Lima Energy, based in Lima, Ohio, will lead the charge with the production of low cost clean energy products.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $118.00 1.10%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs