Argan Raises $25 Million Through Private Placement

ROCKVILLE, Md.--(BUSINESS WIRE)--Argan, Inc. (Amex:AGX) announced that it has completed a private placement for 2.2 million shares of common stock to investors at a price of $12.00 per share with net proceeds of approximately $25 million.

Commenting on the placement, Rainer Bosselmann, Chairman and Chief Executive Officer stated, “The proceeds from this capital raise will provide resources to support our continued growth, including the recently announced joint venture with Invenergy Wind LLC for the design and construction of wind farms located from the Mid-Western region of the United States into Canada. These funds will also provide additional collateral to support the bonding requirements associated with future projects."

About Argan, Inc.

Argan’s primary business is designing and building energy plants through its Gemma Power Systems subsidiary. These energy plants include traditional gas as well as alternative energy including biodiesel, ethanol, and renewable energy sources such as wind power and solar. Argan also owns Southern Maryland Cable, Inc. and Vitarich Laboratories, Inc.