0300.06.24.15

Vertex Energy, Inc., has closed the transactions contemplated by its previously announced Unit Purchase Agreement pursuant in which it sold in a private placement to accredited investors units of convertible preferred stock in an aggregate principal amount of $25 million, and warrants for the purchase of 4 million shares of its common stock. Upon closing of the offering, the Company received a net of $23.6 million after placement agent fees and legal expenses, of which $15.1 million will be used to repay a portion of the Company’s outstanding senior debt and the remaining proceeds will be used for working capital purposes.

The Preferred Stock accrues dividends at a rate of 6 prcent per annum and is convertible into shares of common stock at a conversion price of $3.10 per share.