FEED

Update on the almighty FEED:

* To sell about 2.3 mln shares at $4.2925 per share

* To use proceeds for development of genetic program

May 7 (Reuters) - Animal feed and pork company AgFeed Industries Inc. said it agreed to sell about 2.3 million shares to several institutional investors at $4.2925 per share to raise nearly $10 million. The company plans to use the net proceeds for the development of its genetic program and other growth initiatives. The transaction would include warrants to purchase an additional 1.2 million shares at an exercise price of $4.50 per share, the company said.