Company offers common-share units with warrants at C$0.25 per unit
By Devika Patel
Knoxville, Tenn., Dec. 30 - Environmental Waste International Inc. said it has negotiated a C$2 million private placement of units with a group of funds managed by Porter Orlin LLC.
The company will sell 8 million units of one common share and 0.375 warrants at C$0.25 per unit.
Each whole warrant is exercisable at C$0.50 for two years. The strike price reflects a 108.33% premium to C$0.24, the Dec. 29 closing share price.
Proceeds will be used to resolve mechanical issues with the TR900 pilot plant in Sault Ste. Marie, for research and development and general working capital purposes.
Ajax, Ont.-based Environmental Waste has designed services 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 0.375 warrants
|
| Amount: | C$2 million
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| Units: | 8 million
|
| Price: | C$0.25
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| Warrants: | 0.375 warrants per unit
|
| Warrant expiration: | Two years
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| Warrant strike price: | C$0.50
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| Investor: | Porter Orlin LLC
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| Pricing date: | Dec. 30
|
| Stock symbol: | TSX Venture: EWS
|
| Stock price: | C$0.24 at close Dec. 29
|
| Market capitalization: | C$23.32 million
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