June 14, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Renewable fuels provider New Generation Biofuels Holdings, Inc. (NASDAQ: NGBF) said that it has entered into a definitive agreement with a single institutional investor for a registered direct offering of 1,111,112 shares of previously unissued common stock at a price of $0.45 per share with total proceeds of $0.5 million.

In addition to the issuance of common shares, New Generation will issue to the investor one warrant exercisable for one common share for every two common shares purchased with an exercise price of $0.60 per share.  

The warrants will be exercisable at any time on or after the sixth-month anniversary of the closing date and will expire 5 years from the closing date.  

New Generation plans to use the net proceeds for general working capital purposes.  The offering is scheduled to close on or before June 16.

Maryland-based New Generation Biofuels is a renewable fuels provider.

The company holds an exclusive license for North America, Central America and the Caribbean to commercialize proprietary technology to manufacture alternative biofuels from plant oils and animal fats that it markets as a new class of biofuel for power generation, commercial and industrial heating and marine use.

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