Corning Natural Gas Holding Corporation (OTCPK:CNIG) announced that it has entered into an agreement for a private placement of 180,000 6% series C cumulative preferred stock at a price of $25 per share for gross proceeds of $4,500,000 on March 27, 2020. The transaction included participation from 13 investors including members of board of directors Ted Gibson for 51,000 shares, Robert Johnston for 10,000 shares, and William Mirabito for 4,000 shares, as well as significant shareholder The Article 6 Marital Trust under The First Amended and Restated Jerry Zucker Revocable Trust for 30,000 shares. The series C preferred stock accrues cumulative dividends at the rate of 6% of the liquidation preference per share $25 and are expected to be paid on March 31, June 30, September 30, and December 31 of each year. The investors are accredited investors. The securities were issued pursuant to exemptions provided under Section 4(2) and Rule 506(b) of the Securities Act.