- Aduro Clean Technologies (ACT) has completed a non-brokered private placement for aggregate gross proceeds of C$1,871,697
- The company issued 2,599,579 units for $0.72 per unit
- The proceeds will be used for general working capital purposes
- Aduro Clean Technologies develops technology to create higher-value chemicals and fuels from lower-value feedstocks including waste plastics
- Aduro Clean Technologies Inc. (ACT) is down 6.17 per cent on the day, trading at $0.86 per share at 11:15 am ET
Aduro Clean Technologies (ACT) has completed a non-brokered private placement for aggregate gross proceeds of C$1,871,697.
The company issued 2,599,579 units for $0.72 per unit. Each unit includes one common share and one-half of one share purchase warrant. Each whole warrant will entitle the holder to acquire one additional common share for a period of two years.
The warrants are subject to an acceleration clause. Ofer Vicus, Chief Executive Officer of Aduro, commented on the capital raise.
“We are extremely pleased with the continued support of our shareholders and the strong interest in this strategic offering. This offering will accelerate the completion of our new London Lab facilities, the expansion of our research and engineering teams, and the completion of our planned bitumen upgrading and plastic upcycling continuous flow pilots. This financing will also increase our capacity to evaluate feedstock streams through our established client trial program.”
The proceeds of the offering will be used for general working capital purposes.
The securities issued are subject to a four-month hold period.
Aduro Clean Technologies is a developer of patented water-based technologies to chemically recycle waste plastics; convert heavy crude and bitumen into lighter, more valuable oil; and transform renewable oils into higher-value fuels or renewable chemicals.
Aduro Clean Technologies Inc. (ACT) is down 6.17 per cent on the day, trading at $0.86 per share at 11:15 am ET.