Itronics raises $3.25 million in private placement

By Sheri Kasprzak

New York, July 19 - Itronics Inc. said it has received definitive agreements from four accredited investors for its $3.25 million private placement.

The full details of the offering could not be determined by press time Tuesday, but a statement from the company said a form 8-K will be filed later with the Securities and Exchange Commission.

So far, the company has received $1.25 million in proceeds and expects to receive $1 million upon the filing of a registration statement and $1 million once the registration statement is declared effective.

The proceeds will be used for working capital to expand the company's line of "Gold'n Gro" fertilizer.

Based in Reno, Nev., Ironics operates a photochemical, silver and water recycling facility that removes the heavy metals from photoliquids.

The company's stock closed up $0.002 at $0.065 Tuesday.

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