Company offers common share units with warrants at C$0.35 per unit
By Devika Patel
Knoxville, Tenn., Dec. 9 - Environmental Waste International Inc. said it plans a private placement of units. The deal will raise up to C$1.75 million.
The company will sell up to 5 million units at C$0.35 apiece. Each unit consists of one common share and one half-share warrant.
Each whole warrant is exercisable at C$0.50 for two years. The strike price reflects a 47.06% premium to C$0.34, the Dec. 8 closing share price.
Proceeds will be used for research and development projects, including work on the TR application, as well as for general working capital purposes.
Ajax, Ont.-based Environmental Waste has designed solutions for the safe disposal or recycling of used tires, liquid biological waste systems, food waste, medical waste and animal waste.
| Issuer: | Environmental Waste International Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1.75million
|
| Units: | 5 million
|
| Price: | C$0.35
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.50
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| Pricing date: | Dec. 9
|
| Stock symbol: | TSX Venture: EWS
|
| Stock price: | C$0.40 at close Dec. 9
|
| Market capitalization: | C$30.97 million
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