Business
Ecolomondo Announces Closing of Non-Brokered Private Placement Of C$506,660
(TheNewswire) Montreal, QC, July 26, 2024 – TheNewswire – Ecolomondo ...
About this update from Ecolomondo Corporation
[{"type":"text","content":"Ecolomondo Announces Closing of Non-Brokered Private Placement Of C$506,660\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n Montreal, QC, July 26, 2024 –\n \n\n TheNewswire –\n \n\n Ecolomondo Corporation\n \n\n (TSXV: ECM) (OTC:\nECLMF) (the “\n \n\n Company\n \n\n ” or “\n \n\n Ecolomondo\n \n\n ”), a\ncleantech company specializing in the commercialization of its Thermal\nDecomposition Process (“\n \n\n TDP\n \n\n ”) proprietary recycling technology and\nthe global deployment of TDP turnkey facilities,\n \n\n is pleased to\n \n\n announce that\n \n\n it completed a non-brokered private placement\n(the \"\n \n\n Offering\n \n\n \") for gross proceeds of\nC$506,660.04 from the sale of 2,814,778 units of the Company (each, a\n“\n \n\n Unit\n \n\n ”) at a price of C$0.18 per Unit. Each Unit consists of one\ncommon share of the Company (each, a “\n \n\n Unit Share\n \n\n ”) and\none common share purchase warrant (a “\n \n\n Warrant\n \n\n ”). Each\nWarrant shall entitle the holder to purchase one common share of the\nCompany (each, a “\n \n\n Warrant\nShare\n \n\n ”) at a price of C$0.24 at any time on or\nbefore that date which is 2 years after the closing date of the\nOffering,\n \n\n provided that\n \n\n if the closing price of the common shares on the TSX\nVenture Exchange is equal to or greater than $0.30 for a period of 10\nconsecutive trading days, the Company may accelerate the expiry date\nof the Warrants by disseminating a press release, and in such case the\nWarrants will expire on the 30\n \n\n th\n \n\n day after the\ndate on which such press release is disseminated.\n \n\n\n\n This strategic financing coupled with the recently\nannounced $3M loan from Export Development Canada (“\n \n\n EDC\n \n\n ”) will support\nthe Company’s ongoing development and expansion initiatives,\nreinforcing its commitment to advancing the TDP technology and\nbringing sustainable solutions within the tire recycling\nindustry.\n \n\n\n\n The Units were sold to purchasers in the provinces of\nQuebec, Alberta, British Columbia, Manitoba, Ontario and Saskatchewan\npursuant to the listed issuer financing exemption under Part 5A of\nNational Instrument 45-106 –...