Coates International, Ltd. (OTCBB: COTE) shares climbed 12.3% shortly before Wednesday’s closing bell to 32 cents, after securing a new funding commitment. Volume for the stock topped 235,000 shares, compared to a daily average of less than 150,000.

The announcement, made Tuesday, confirmed that the company, based in Wall Township, New Jersey, had obtained a firm commitment from Black Swan Capital Group, Inc. for $10 million funding which would provide substantial new working capital, scheduled to close before the end of this month.

George J. Coates, President and CEO said, “this is a significant milestone in enabling the Company to proceed with its plans and I am very excited because this will enable us to ramp up production and fulfill orders for the Coates CSRV Natural Gas Industrial Electric Power Generator Sets to our customers throughout the Western Hemisphere.”

Coates has been in research and development for approximately 15 years on a new CSRV (Coates Spherical Rotary Valve) combustion engine, which is patented worldwide. The research and development phase is now completed and CIL is gearing up for production and distribution of its new engines.