Pacific Ethanol, Inc. makes an underwritten public offering to sell 28 million units at $.43 a share expected to raise $12 million. This company press release has details:

Each unit consists of (i) one share of common stock; (ii) one warrant to purchase one share of common stock (“Series I Warrant”); and (iii) one warrant to purchase 1/2 of a share of common stock (“Series II Warrant”). The shares of common stock and warrants are immediately separable and will be issued separately. The warrants are exercisable immediately upon issuance. The Series I Warrants are to have a 5-year term and an exercise price of $0.63 per share. The Series II Warrants are to have an 18-month term and an exercise price of $0.53 per share.

The offering is expected to close on or about July 2, 2012. The company bills itself as “the leading marketer and producer of low-carbon renewable fuels in the Western United States.”