Ecolomondo Closes Private Placement of $4,000,000
Montreal, QC – TheNewswire - September 24, 2021- Ecolomondo Corporation (TSXV:ECM) (OTC:ECLMF) (the “Company” or “Ecolomondo”), a cleantech company specializing in the development of proprietary recycling technology, Thermal Decomposition Process (“TDP”), and the commercialization of turnkey TDP facilities used to transform tires, plastics and other hydrocarbon waste into salable renewable commodities, is pleased to confirm it has rapidly closed its previously announced non-brokered private placement (see news releases dates September 3 and September 14, 2021)consisting of 6,153,845 units (the “Units”) at a price of $0.65 per Unit for gross proceeds to the Company of $3,999,999.60 (the “Private Placement”).
Eliot Sorella, Chairman and Chief Executive Officer said: “I would like to welcome our new shareholders who participated in the financing and thank existing shareholders who continue to support the Company by increasing their positions. Investor interest was exceptional, and this quick close allows us to continue to move forward with growth initiatives pertaining to our flagship Hawkesbury TDP facility, partner development, and Company’s expansion.”
The Company plans to allocate the gross proceeds of the Private Placement to general working capital purposes and to the acceleration of the Company’s North American expansion.
All securities issued under the Offering are subject to a four-month hold period expiring on January 25, 2022 in addition to such other restrictions as may apply under applicable securities laws in jurisdictions outside of Canada. Final closing of this Private Placement is subject to the receipt of all necessary regulatory approvals including that of the TSX Venture Exchange. The Company paid commissions to eligible finders under the Private Placement totaling $139,212.87.
Ecolomondo is a Canadian cleantech company specializing in the commercialization of its waste-to-products operations and proprietary TDP technology. With 25+ years of industry experience and a track record of establishing strong circular economy partnerships, the Company is strategically positioned to become a major global vendor of turnkey TDP facilities that convert hydrocarbon waste into salable end-products including carbon black substitute, oil, gas and steel.
Revenue growth will come from the sale of fully-automated and energy self-sufficient TDP facilities and royalties from the sale of end-products, tipping fees and carbon credits. Ecolomondo’s initial focus is to aggressively market TDP facility expansion throughout North America, as management has been speaking with numerous public and private sector industry groups looking for breakthrough solutions extending across the entire product management and processing lifecycle.
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Although Ecolomondo believes that the expectations reflected in forward looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Except as required by law, Ecolomondo disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
The securities offered have not been, nor will they be, registered under the U.S. Securities Act of 1933, as amended (the “1933 Act”), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.
For further information please contact:
Chairman and Chief Executive Officer, Ecolomondo
Tel: (450) 587-5999
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. NOT FOR DISTRIBUTION TO U.S NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES