SulphCo, Inc.
says Dr.
Rudolf Gunnerman, chairman and CEO, has paid the company $1.65 million and forgiven a prior loan of $1.92 million as payment in full of his subscription to purchase 7.15 million shares of the company's common stock at 50 cents per share.
The Reno-based company will use the funds for the further development and testing of its desulfurization technology and the design and manufacture of a desulfurization unit that can process up to 25,000 barrels of crude oil per day.
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