Pacific Ethanol, Inc. announced Wednesday that it acquired a 42 percent stake in Front Range Energy, LLC, which owns a 40 million gallon ethanol plant in Windsor, Colorado.
In exchange for the 42 percent stake, Pacific gave Front Range $30 million in cash, 2,081,888 shares of Pacific Ethanol common stock, and a warrant to purchase up to 693,963 shares of common stock at any time before Oct. 17, 2007 at an exercise price of $14.41 per share.