- Environmental Waste (EWS) has agreed with certain investors to raise $1,500,000 in a $0.05 per unit private placement financing
- Environmental Waste will use the proceeds for upgrading the company’s Sault Ste. Marie facility, repayment of debt and for working capital
- Environmental Waste International specializes in eco-friendly systems for the breakdown of organic materials, including tires
- Environmental Waste International Inc. (EWS) is down 14.29 per cent, trading at C$0.03 per share at 3:20 pm ET
Environmental Waste (EWS) has agreed with certain investors to raise $1,500,000 in a $0.05 per unit private placement financing.
Each unit consists of one common share and one share purchase warrant. The warrant expires two years from the closing and has an exercise price of $0.10. Each investor will also purchase certain shares of EWS from a director of EWS for $0.02 per share in a private transaction expected to close concurrently with the financing.
Environmental Waste will use the proceeds for upgrading the company’s Sault Ste. Marie facility, repayment of debt and for working capital.
Settlement of debt
The company also announced the agreement with two of its board members (the “Related Creditors”) for the settlement of debt owing to them in the amount of $313,635. This is in exchange for the issuance of an aggregate of 8,960,980 shares (the “Debt Shares”) at $0.035 per Debt Share.
The company also intends to close the previously announced shares for debt transaction at the same time as the closing of the financing.
No broker or finder fees are anticipated to be paid in connection with the financing. All securities issued pursuant to the financing and debt settlement will be subject to four months statutory hold period.
The financing and debt settlement is subject to TSX Venture Exchange acceptance of regulatory filings.
About Environmental Waste International
Environmental Waste International specializes in eco-friendly systems for the breakdown of organic materials, including tires. The company has spent over 15 years engineering systems that integrate the EWS patented Reverse Polymerization process and proprietary microwave delivery system.
EWS’s unique microwave technology safely processes and recycles waste tires, while recovering highly valuable commodities, including carbon black, oil and steel. Each unit is designed to be environmentally safe, energy efficient, and economically profitable for the operator.
Environmental Waste International Inc. (EWS) is down 14.29 per cent, trading at C$0.03 per share at 3:20 pm ET.