Kleangas Energy Technologies, Inc (OTCPK:KGET) announced that it has entered into an equity purchase agreement for private placement of shares on equity line basis with Premier Venture Partners, LLC for gross proceeds of $12,000,000 on February 28, 2014. The company will issue shares over a period of 36 months to the investors. The company will issue shares of par value of $0.001 per share at a price equal to the drawdown amount multiplied by 70% of the lowest individual daily volume weighted average price of the shares during the pricing period less $500. The maximum number of shares to be issued in each drawdown shall not exceed the lesser of 200% of the average daily trading volume of company's common shares on the five trading days prior to the date the put notice is received by the investor and 120% of any previous put amount during the open period or for the first Put notice, which is 15,000,000 shares. Each drawdown cannot exceed 4.99% of the outstanding shares of the company. The company will issue 21,231,423 shares in the initial tranche and 21,231,423 shares after the 30 days from the announcement in a further tranche. The company will issue securities pursuant to exemption provided under Regulation D.

On July 1, 2014, Kleangas Energy Technologies, Inc cancelled the transaction.